Bond Royal Bank of Canada 0% ( US78013XCH98 ) in USD

Royal Bank of Canada

100 % ▼

Canada

US78013XCH98 ( in USD )

30/12/2022 - Bond has expired

Prospectus brochure of the bond Royal Bank of Canada US78013XCH98 in USD 0%, expired

1 000 USD

715 000 USD

78013XCH9

N/A

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 US78013XCH98, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/12/2022

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78013XCH98, was rated NR by Moody's credit rating agency.

424B2 1 form424b2.htm BUFFERED BOOSTER ABS RET (SPX SX5E) DEC 2017
RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 0 8 5 0 7

Pricing Supplement

Dated December 27, 2017
$715,000
To the Product Prospectus Supplement ERN-EI-1 Dated January 12,
Buffered Booster Absolute Return Notes Linked to the
2016, the Prospectus Supplement Dated January 8, 2016, and the
Lesser Performing of Two Equity Indices, Due
Prospectus Dated January 8, 2016
December 30, 2022
Royal Bank of Canada

Royal Bank of Canada is offering Buffered Booster Absolute Return Notes Linked to the Lesser Performing of Two Equity Indices (the "Notes") linked to the
lesser performing of two equity indices (each, a "Reference Asset" and collectively, the "Reference Assets"). The Notes offered are senior unsecured
obligations of Royal Bank of Canada and will have the terms described in the documents described above, as supplemented or modified by this pricing
supplement.
Re fe re nc e Asse t s

I nit ia l Le ve ls

Buffe r Le ve ls*
S&P 500® Index ("SPX")

2,682.62
2,146.10, which is 80.00% of its Initial Level
EURO STOXX 50® Index ("SX5E")

3,550.17
2,840.14, which is 80.00% of its Initial Level
* 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 "Additional Risk Factors Specific to the Notes" beginning on page PS-4 of the product prospectus
supplement dated January 12, 2016, "Risk Factors" beginning on page S-1 of the prospectus supplement dated January 8, 2016, and "Selected Risk
Considerations" beginning on page P-7 of this pricing supplement.
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.
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.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge List ing:None
Pric ing Da t e :
December 27, 2017
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
December 29, 2017
M a t urit y Da t e :
December 30, 2022
V a lua t ion Da t e :
December 27, 2022
Boost e r Coupon
47.40%
I nit ia l Le ve l:
For each Reference Asset, its closing level on the Pricing Date.
Fina l Le ve l:
For each Reference Asset, its closing level on the Valuation Date.
Pa ym e nt a t M a t urit y:
If the Final Level of the Lesser Performing Index is greater than or equal to its Initial Level but its Percentage Change does not
exceed the Booster Percentage of 47.40%, the Notes provide a fixed return equal to the Principal Amount plus the Booster

Coupon. If the Final Level of the Lesser Performing Index is greater than its Initial Level and its Percentage Change exceeds

the Booster Percentage of 47.40%, the Notes provide a one-for-one positive return based upon the increase in the level of that
Reference Asset. If the Final Level of the Lesser Performing Index is less than zero but greater than or equal to the Buffer
Level (80.00% of its Initial Level), you will receive a 1% positive return for each 1% negative return of the Lesser Performing
Index up to the Buffer Amount. If the Final Level of the Lesser Performing Index is less than the Buffer Level, you will lose 1%
of the principal amount for any decrease in the level of the Lesser Performing Index by more than 20%.
Le sse r Pe rform ing
The Reference Asset which has the lowest Percentage Change.
I nde x :
I nt e re st Pa ym e nt s:
None.
CU SI P:
78013XCH9

Per Note

Total
Price to public(1)
100.00%

$715,000.00
Underwriting discounts and commissions(1)
3.25%

$23,237.50
Proceeds to Royal Bank of Canada
96.75%

$691,762.50
(1)Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their underwriting discount or selling concessions. The public
offering price for investors purchasing the Notes in these accounts may be between $967.50 and $1,000 per $1,000 in principal amount.
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

The initial estimated value of the Notes as of the date of this pricing supplement is $882.77 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 $32.50 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 $32.50 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

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

SU M M ARY
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 Buffered Booster Absolute Return Notes Linked to the
Lesser Performing of Two Equity Indices (the "Notes") linked to the lesser performing of two equity
indices (the "Reference Assets").
Issuer:
Royal Bank of Canada ("Royal Bank")
Issue:
Senior Global Medium-Term Notes, Series G
Pricing Date:
December 27, 2017
Issue Date:
December 29, 2017
Term:
Approximately 5 years
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Valuation Date:
December 27, 2022
Maturity Date:
December 30, 2022
Initial Level:
2,682.62 with respect to the SPX and 3,550.17 with respect to the SX5E, each of which was the closing
level of the relevant Reference Asset on the Pricing Date.
Final Level:
For each Reference Asset, its closing level on the Valuation Date.
Buffer Level:
2,146.10 with respect to the SPX and 2,840.14 with respect to the SX5E, each of which is 80.00% of the
Initial Level of each Reference Asset (rounded to two decimal places).
Buffer Amount:
20.00%
Booster Coupon:
47.40%
Payment at Maturity:
If, on the Valuation Date, the Percentage Change of the Lesser Performing Index is zero or positive, but
does not exceed the Booster Percentage, then the investor will receive an amount equal to the principal
amount plus the Booster Coupon. If, on the Valuation Date, the Percentage Change of the Lesser
Performing Index is greater than the Booster Percentage, then the investor will receive an amount equal
to:

Principal Amount + (Principal Amount x Percentage Change of Lesser Performing Index)

If, on the Valuation Date, the Percentage Change of the Lesser Performing Index is less than 0%, but
not by more than the Buffer Amount (that is, the Percentage Change is between
-0.01% and -20.00%), then the investor will receive a cash payment equal to:

Principal Amount + [-1 x (Principal Amount x Percentage Change)]
In this case, the return on the Notes will be positive, even though the Percentage Change is negative.

https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

If, on the Valuation Date, the Percentage Change of the Lesser Performing Index is negative, by more
than the Buffer Amount (that is, the Percentage Change is between -20.01% and
-100%), then the investor will receive a cash payment equal to:

Principal Amount + [Principal Amount x (Percentage Change of Lesser Performing Index + Buffer
Amount)]
In this case, you will lose up to 80% of the principal amount of the Notes.
Percentage Change:
With respect to each Reference Asset:
Final Level Initial Level
Initial Level

P-2
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

Lesser Performing
The Reference Asset which has the lowest Percentage Change.
Index:
Market Disruption
If a market disruption event occurs on the Valuation Date as to a Reference Asset, the determination of
Event:
the Final Level of that Reference Asset will be postponed. However, the determination of the Final Level
of any Reference Asset that is not affected by that market disruption event will not be postponed.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
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 Note as a pre-paid cash settled derivative
contract in respect of the Reference Assets 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 January 12, 2016 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 will 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 January 8, 2016).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on the cover page and pages
the Master Note:
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 January 12, 2016, as modified by this pricing
supplement.

P-3
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

Royal Bank of Canada

ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated January 8, 2016, as supplemented by the prospectus supplement
dated January 8, 2016 and the product prospectus supplement dated January 12, 2016, relating to our Senior Global Medium-Term Notes,
Series G, 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 January 8, 2016 and "Additional Risk Factors Specific to
the Notes" in the product prospectus supplement dated January 12, 2016, 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 January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement ERN-EI-1 dated January 12, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047560/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-4
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

H Y POT H ET I CAL EX AM PLES
The examples set out below are included for illustration purposes only. The hypot he t ic a l Percentage Changes of the Lesser
Performing Index used to illustrate the calculation of the Payment at Maturity (rounded to two decimal places) are not estimates or
forecasts of its Final Level or the level of either Reference Asset on any trading day prior to the Maturity Date. All examples
assume that a holder purchased Notes with an aggregate principal amount of $1,000 and are based on a Buffer Amount of 20.00%
(the Buffer Level of each Reference Asset is 80.00% of its Initial Level), the Booster Percentage of 47.40%, a Booster Coupon of
47.40% of the principal amount, and that no market disruption event occurs on the Valuation Date as to either Reference Asset.

Example 1--
Calculation of the Payment at Maturity where the Percentage Change of the Lesser Performing Index is positive,
but less than the Booster Percentage.

Percentage Change:
10%, which is less than the Booster Percentage

Payment at Maturity:
$1,000 + ($1,000 x 47.40%) = $1,000 + $474.00 = $1,474.00

On a $1,000 investment, a 10.00% Percentage Change for the Lesser Performing Index results in a Payment at
Maturity of $1,474.00, a 47.40% return on the Notes.

https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

Example 2--
Calculation of the Payment at Maturity where the Percentage Change of the Lesser Performing Index is positive
and exceeds the Booster Percentage.

Percentage Change:
75%

Payment at Maturity:
$1,000 + ($1,000 x 75%) = $1,000 + $750 = $1,750

On a $1,000 investment, a 75% Percentage Change in the Lesser Performing Index results in a Payment at
Maturity of $1,750, a 75% return on the Notes.

Example 3--
Calculation of the Payment at Maturity where the Percentage Change of the Lesser Performing Index is negative
(but not by more than the Buffer Amount).

Percentage Change:
-10%

Payment at Maturity:
$1,000 + [-1 x ($1,000 x -10%)] = $1,000 + $100 = $1,100.00

In this case, on a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of $1,100, a
10% return on the Notes.
In this case, even though the Percentage Change is negative, you will receive a positive return equal to the
absolute value of the Percentage Change.

Example 4--
Calculation of the Payment at Maturity where the Percentage Change of the Lesser Performing Index is negative
(by more than the Buffer Amount).

Percentage Change:
-35%

Payment at Maturity:
$1,000 + [$1,000 x (-35% + 20.00%)] = $1,000 - $150.00 = $850.00

In this case, on a $1,000 investment, a -35% Percentage Change results in a Payment at Maturity of $850.00, a -
15.00% return on the Notes.

P-5
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

SELECT ED RI SK CON SI DERAT I ON S
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Assets.
These risks are explained in more detail in the section "Additional Risk Factors Specific to the Notes" in the product prospectus supplement. In
addition to the risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:
·
Princ ipa l a t Risk Investors in the Notes could lose a substantial portion of their principal amount if there is a decline in the level of
the Lesser Performing Index between the Pricing Date and the Valuation Date of more than 20%. You will lose 1% of the principal
amount of your Notes for each 1% that the Final Level of the Lesser Performing Index is less than its Initial Level by more than 20%.
·
Y our Re de m pt ion Am ount Will Be De t e rm ine d Sole ly by Re fe re nc e t o t he Le sse r Pe rform ing I nde x Eve n if t he
Ot he r Re fe re nc e Asse t Pe rform s Be t t e r Your Redemption Amount will be determined solely by reference to the performance
of the Lesser Performing Index. Even if the Final Level of the other Reference Asset has increased compared to its Initial Level, or has
experienced a decrease that is less than that of the Lesser Performing Index, your return will only be determined by reference to the
performance of the Lesser Performing Index, regardless of the performance of the other Reference Asset.
·
Y our Re t urn M a y Be Low e r t ha n t he Re t urn on a Conve nt iona l De bt Se c urit y of Com pa ra ble M a t urit y You will
not receive any interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the
same maturity. The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on
other investments. Your return may be less than the return you would earn if you bought a conventional senior interest bearing debt
security of Royal Bank.
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are Ex pe c t e d t o
Affe c t t he M a rk e t V a lue of t he N ot e s The Notes are Royal Bank's senior unsecured debt securities. As a result, your receipt
of the Redemption Amount is dependent upon Royal Bank's ability to repay its obligations at that time. This will be the case even if the
levels of the Reference Assets increase after the Pricing Date. No assurance can be given as to what our financial condition will be at
the maturity of the Notes.
·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s Sa le s in t he Se c onda ry M a rk e t M a y Re sult in
Signific a nt Losse s There may be little or no secondary market for the Notes. The Notes will not be listed on any securities
exchange. RBCCM and other affiliates of Royal Bank may make a market for the Notes; however, they are not required to do so.
RBCCM or any other affiliate of Royal Bank may stop any market-making activities at any time. Even if a secondary market for the
Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any
secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any secondary market
could be substantial.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Se c urit ie s Re pre se nt e d by t he Re fe re nc e Asse t s -- The
return on your Notes is unlikely to reflect the return you would realize if you actually owned the securities represented by the Reference
Assets. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on those securities
during the term of your Notes. As an owner of the Notes, you will not have voting rights or any other rights that holders of the
Reference Assets may have.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he Public -- The initial estimated value set forth
on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be
willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their
market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes
in the levels of the Reference Assets, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the
public of the underwriting discount and the estimated costs relating to our hedging of the Notes. These factors, together with various
credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the
Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in
market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be
less than your original purchase price, as any such sale price would not be expected to include the underwriting discount and the
hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary
market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine
the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes are not
designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.

P-6
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

·
T he I nit ia l Est im a t e d V a lue of t he N ot e s on t he Cove r Pa ge of t his Pric ing Supple m e nt I s a n Est im a t e Only,
Ca lc ula t e d a s of t he T im e t he T e rm s of t he N ot e s We re Se t -- The initial estimated value of the Notes is based on the
value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms
of the Notes. See "Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads,
expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is
significantly different than we do.
The value of the Notes at any time after the Pricing Date will vary based on many factors, including changes in market conditions, and
cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any secondary market, if
any, should be expected to differ materially from the initial estimated value of your Notes.
·
I nc onsist e nt Re se a rc h -- Royal Bank or its affiliates may issue research reports on securities that are, or may become,
components of the Reference Assets. We may also publish research from time to time on financial markets and other matters that may
influence the levels of the Reference Assets or the value of the Notes, or express opinions or provide recommendations that may be
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

inconsistent with purchasing or holding the Notes or with the investment view implicit in the Notes or the Reference Assets. You should
make your own independent investigation of the merits of investing in the Notes and the Reference Assets.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Re la t ing t o N on -U .S. Se c urit ie s M a rk e t s - Because foreign
companies or foreign equity securities included in the SX5E are publicly traded in the applicable foreign countries and are denominated
in currencies other than U.S. dollars, an investment in the securities involves particular risks. For example, the non-U.S. securities
markets may be more volatile than the U.S. securities markets, and market developments may affect these markets differently from the
U.S. or other securities markets. Direct or indirect government intervention to stabilize the securities markets outside the U.S., as well
as cross-shareholdings in certain companies, may affect trading prices and trading volumes in those markets. Also, the public
availability of information concerning the foreign issuers may vary depending on their home jurisdiction and the reporting requirements
imposed by their respective regulators. In addition, the foreign issuers may be subject to accounting, auditing and financial reporting
standards and requirements that differ from those applicable to U.S. reporting companies.
The securities included in the SX5E are issued by companies located within the Eurozone, which is and has been undergoing severe
financial stress, and the political, legal and regulatory ramifications are impossible to predict. Changes within the Eurozone could have
a material adverse effect on the performance of the SX5E and, consequently, on the value of the Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s The Redemption Amount and the Valuation Date are subject to adjustment as
to each Reference Asset as described in the product prospectus supplement. For a description of what constitutes a market disruption
event as well as the consequences of that market disruption event, see "General Terms of the Notes--Market Disruption Events" in the
product prospectus supplement.

P-7
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

I N FORM AT I ON REGARDI N G T H E REFEREN CE ASSET S
All disclosures contained in this pricing supplement regarding the Reference Assets, including, without limitation, their make-up, method of
calculation, and changes in their components, have been derived from publicly available sources. The information reflects the policies of, and is
subject to change by the applicable index sponsor. Each of these sponsors has no obligation to continue to publish, and may discontinue
publication of, the applicable Reference Asset. The consequences of an index sponsor discontinuing publication of a Reference Asset are
discussed in the section of the product prospectus supplement entitled "General Terms of the Notes-- Unavailability of the Level of the
Reference Asset." Neither we nor RBCCM accepts any responsibility for the calculation, maintenance or publication of either Reference Asset or
any successor index.
We obtained the information regarding the historical performance of each Reference Asset set forth below from Bloomberg Financial Markets.
S& P 5 0 0 ® I nde x ("SPX ")
The SPX is intended to provide an indication of the pattern of common stock price movement. The calculation of the level of the SPX is based
on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time compared to the aggregate
average market value of the common stocks of 500 similar companies during the base period of the years 1941 through 1943.
S&P Dow Jones Indices LLC ("S&P") calculates the SPX by reference to the prices of the constituent stocks of the SPX without taking account
of the value of dividends paid on those stocks. As a result, the return on the Notes will not reflect the return you would realize if you actually
owned the SPX constituent stocks and received the dividends paid on those stocks.
Effective with the September 2015 rebalance, consolidated share class lines will no longer be included in the SPX. Each share class line will be
subject to public float and liquidity criteria individually, but the company's total market capitalization will be used to evaluate each share class
line. This may result in one listed share class line of a company being included in the SPX while a second listed share class line of the same
company is excluded.
Com put a t ion of t he SPX
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

While S&P currently employs the following methodology to calculate the SPX, no assurance can be given that S&P will not modify or change this
methodology in a manner that may affect the Payment at Maturity.
Historically, the market value of any component stock of the SPX was calculated as the product of the market price per share and the number of
then outstanding shares of such component stock. In March 2005, S&P began shifting the SPX halfway from a market capitalization weighted
formula to a float-adjusted formula, before moving the SPX to full float adjustment on September 16, 2005. S&P's criteria for selecting stocks for
the SPX did not change with the shift to float adjustment. However, the adjustment affects each company's weight in the SPX.
Under float adjustment, the share counts used in calculating the SPX reflect only those shares that are available to investors, not all of a
company's outstanding shares. Float adjustment excludes shares that are closely held by control groups, other publicly traded companies or
government agencies.
In September 2012, all shareholdings representing more than 5% of a stock's outstanding shares, other than holdings by "block owners," were
removed from the float for purposes of calculating the SPX. Generally, these "control holders" will include officers and directors, private equity,
venture capital and special equity firms, other publicly traded companies that hold shares for control, strategic partners, holders of restricted
shares, ESOPs, employee and family trusts, foundations associated with the company, holders of unlisted share classes of stock, government
entities at all levels (other than government retirement/pension funds) and any individual person who controls a 5% or greater stake in a
company as reported in regulatory filings. However, holdings by block owners, such as depositary banks, pension funds, mutual funds and ETF
providers, 401(k) plans of the company, government retirement/pension funds, investment funds of insurance companies, asset managers and
investment funds, independent foundations and savings and investment plans, will ordinarily be considered part of the float.
Treasury stock, stock options, equity participation units, warrants, preferred stock, convertible stock, and rights are not part of the float. Shares
held in a trust to allow investors in countries outside the country of domicile, such as depositary shares and Canadian exchangeable shares are
normally part of the float unless those shares form a control block.

P-8
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

For each stock, an investable weight factor ("IWF") is calculated by dividing the available float shares by the total shares outstanding. Available
float shares are defined as the total shares outstanding less shares held by control holders. This calculation is subject to a 5% minimum
threshold for control blocks. For example, if a company's officers and directors hold 3% of the company's shares, and no other control group
holds 5% of the company's shares, S&P would assign that company an IWF of 1.00, as no control group meets the 5% threshold. However, if a
company's officers and directors hold 3% of the company's shares and another control group holds 20% of the company's shares, S&P would
assign an IWF of 0.77, reflecting the fact that 23% of the company's outstanding shares are considered to be held for control. As of July 31,
2017, companies with multiple share class lines are no longer eligible for inclusion in the SPX. Constituents of the SPX prior to July 31, 2017
with multiple share class lines will be grandfathered in and continue to be included in the SPX. If a constituent company of the SPX reorganizes
into a multiple share class line structure, that company will remain in the SPX at the discretion of the S&P Index Committee in order to minimize
turnover
The SPX is calculated using a base-weighted aggregate methodology. The level of the SPX reflects the total market value of all 500 component
stocks relative to the base period of the years 1941 through 1943. An indexed number is used to represent the results of this calculation in order
to make the level easier to use and track over time. The actual total market value of the component stocks during the base period of the years
1941 through 1943 has been set to an indexed level of 10. This is often indicated by the notation 1941-43 = 10. In practice, the daily calculation
of the SPX is computed by dividing the total market value of the component stocks by the "index divisor." By itself, the index divisor is an
arbitrary number. However, in the context of the calculation of the SPX, it serves as a link to the original base period level of the SPX. The index
divisor keeps the SPX comparable over time and is the manipulation point for all adjustments to the SPX, which is index maintenance.
I nde x M a int e na nc e
Index maintenance includes monitoring and completing the adjustments for company additions and deletions, share changes, stock splits, stock
dividends, and stock price adjustments due to company restructuring or spinoffs. Some corporate actions, such as stock splits and stock
dividends, require changes in the common shares outstanding and the stock prices of the companies in the SPX, and do not require index
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

divisor adjustments.
To prevent the level of the SPX from changing due to corporate actions, corporate actions which affect the total market value of the SPX require
an index divisor adjustment. By adjusting the index divisor for the change in market value, the level of the SPX remains constant and does not
reflect the corporate actions of individual companies in the SPX. Index divisor adjustments are made after the close of trading and after the
calculation of the SPX closing level.
Changes in a company's total shares outstanding of 5% or more due to public offerings are made as soon as reasonably possible. Other
changes of 5% or more (for example, due to tender offers, Dutch auctions, voluntary exchange offers, company stock repurchases, private
placements, acquisitions of private companies or non-index companies that do not trade on a major exchange, redemptions, exercise of options,
warrants, conversion of preferred stock, notes, debt, equity participations, at-the-market stock offerings or other recapitalizations) are made
weekly, and are generally announced on Fridays for implementation after the close of trading the following Friday (one week later). If a 5% or
more share change causes a company's IWF to change by five percentage points or more, the IWF is updated at the same time as the share
change. IWF changes resulting from partial tender offers are considered on a case-by-case basis.

P-9
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

Lic e nse Agre e m e nt
S&P® is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed for use by S&P. "Standard & Poor's®", "S&P 500®" and
"S&P®" are trademarks of Standard & Poor's Financial Services LLC. These trademarks have been sublicensed for certain purposes by us.
The SPX is a product of S&P and/or its affiliates and has been licensed for use by us.
The Notes are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Standard & Poor's Financial Services LLC or any of
their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices make no representation or warranty, express or
implied, to the holders of the Notes or any member of the public regarding the advisability of investing in securities generally or in the Notes
particularly or the ability of the SPX to track general market performance. S&P Dow Jones Indices' only relationship to us with respect to the
SPX is the licensing of the SPX and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its third party
licensors. The SPX is determined, composed and calculated by S&P Dow Jones Indices without regard to us or the Notes. S&P Dow Jones
Indices have no obligation to take our needs or the needs of holders of the Notes into consideration in determining, composing or calculating the
SPX. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Notes or
the timing of the issuance or sale of the Notes or in the determination or calculation of the equation by which the Notes are to be converted into
cash. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Notes. There is no
assurance that investment products based on the SPX will accurately track index performance or provide positive investment returns. S&P Dow
Jones Indices LLC and its subsidiaries are not investment advisors. Inclusion of a security or futures contract within an index is not a
recommendation by S&P Dow Jones Indices to buy, sell, or hold such security or futures contract, nor is it considered to be investment advice.
Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the
Notes currently being issued by us, but which may be similar to and competitive with the Notes. In addition, CME Group Inc. and its affiliates
may trade financial products which are linked to the performance of the SPX. It is possible that this trading activity will affect the value of the
Notes.
S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE
SPX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN
COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT
BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES
MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY US, HOLDERS OF THE NOTES, OR ANY OTHER
PERSON OR ENTITY FROM THE USE OF THE SPX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY
OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES,
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT,
TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR
ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND US, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

P-10
RBC Capital Markets, LLC

Buffered Booster Absolute Return Notes Linked
to the Lesser Performing of Two Equity Indices,
Due December 30, 2022
Royal Bank of Canada

H ist oric a l I nform a t ion
The graph below sets forth the information relating to the historical performance of the SPX. In addition, below the graph is a table setting forth
the intra-day high, intra-day low and period-end closing levels of the SPX. The information provided in this table is for the four calendar quarters
of 2013 through 2016, the first, second, and third calendar quarters of 2017, and for the period from October 1, 2017 through December 27,
2017.
We obtained the information regarding the historical performance of the SPX in the chart below from Bloomberg Financial Markets. We have not
independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The historical performance
of the SPX should not be taken as an indication of its future performance, and no assurance can be given as to the Final Level of the SPX. We
cannot give you assurance that the performance of the SPX will result in any positive return on your initial investment.
S& P 5 0 0 ® I nde x ("SPX ")

Period-Start

Period-End

High Intra-Day Level of this

Low Intra-Day Level of this

Period-End Closing Level of
Date
Date
Reference Asset
Reference Asset
this Reference Asset
1/1/2013

3/31/2013

1,570.28

1,426.19

1,569.19
4/1/2013

6/30/2013

1,687.18

1,536.03

1,606.28
7/1/2013

9/30/2013

1,729.86

1,604.57

1,681.55
10/1/2013

12/31/2013

1,849.44

1,646.47

1,848.36
1/1/2014

3/31/2014

1,883.97

1,737.92

1,872.34
4/1/2014

6/30/2014

1,968.17

1,814.36

1,960.23
7/1/2014

9/30/2014

2,019.26

1,904.78

1,972.29
10/1/2014

12/31/2014

2,093.55

1,820.66

2,058.90
1/1/2015

3/31/2015

2,119.59

1,980.90

2,067.89
4/1/2015

6/30/2015

2,134.72

2,048.38

2,063.11
7/1/2015

9/30/2015

2,132.82

1,867.01

1,920.03
10/1/2015

12/31/2015

2,116.48

1,893.70

2,043.94
1/1/2016

3/31/2016

2,072.21

1,810.10

2,059.74
4/1/2016

6/30/2016

2,120.55

1,991.68

2,098.86
7/1/2016

9/30/2016

2,193.81

2,074.02

2,168.27
10/1/2016

12/31/2016

2,277.53

2,083.79

2,238.83
https://www.sec.gov/Archives/edgar/data/1000275/000114036117047780/form424b2.htm[12/29/2017 3:12:45 PM]

Document Outline

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