Obbligazione Royal Bank of Canada 0% ( US78014F3534 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US78014F3534 ( in USD )
Tasso d'interesse 0%
Scadenza 29/10/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78014F3534 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 12 723 000 USD
Cusip 78014F353
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La Royal Bank of Canada (RBC) è una delle più grandi banche del Canada, con attività a livello globale nei settori della gestione patrimoniale, dei servizi finanziari e dell'investimento.

The Obbligazione issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014F3534, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/10/2021







10/29/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119019219/form424b2.htm
424B2 1 form424b2.htm 2Y LIRN (EAFE BASKET) 78014F353


Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
(To Prospectus dated September 7, 2018,
Prospectus Supplement dated September 7, 2018 and
Product Supplement EQUITY INDICES LIRN-1 dated
September 25, 2018)
1,272,343 Units
Pricing Date
October 24, 2019
$10 principal amount per unit
Settlement Date
October 31, 2019
CUSIP No. 78014F353
Maturity Date
October 29, 2021







Leveraged Index Return Notes® Linked to an
International Equity Index Basket
Maturity of approximately two years
132.65% leveraged upside exposure to increases in the Basket
The Basket is comprised of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei Stock Average Index, the Swiss Market Index, the
S&P/ASX 200 Index, and the Hang Seng Index. The EURO STOXX 50® Index was given an initial weight of 40.00%, each of the FTSE® 100 Index
and the Nikkei Stock Average Index was given an initial weight of 20.00%, each of the Swiss Market Index and the S&P/ASX 200 Index was given
an initial weight of 7.50%, and the Hang Seng Index was given an initial weight of 5.00%
1-to-1 downside exposure to decreases in the Basket beyond a 10.00% decline, with up to 90.00% of your principal at risk
Al payments occur at maturity and are subject to the credit risk of Royal Bank of Canada
No periodic interest payments
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.075 per unit. See "Structuring the Notes"
Limited secondary market liquidity, with no exchange listing
The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by
the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation (the "FDIC"), or any other governmental agency of
Canada or the United States




The notes are being issued by Royal Bank of Canada ("RBC"). There are important differences between the notes and a
conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on
page TS-6 of this term sheet and page PS-6 of product supplement EQUITY INDICES LIRN-1.
The initial estimated value of the notes as of the pricing date is $9.7331 per unit, which is less than the public offering price
listed below. See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes"
on page TS-29 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot
be predicted with accuracy.
None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has
approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any
representation to the contrary is a criminal offense.

Per Unit
Total
Public offering price
$10.00
$12,723,430.00
Underwriting discount
$0.20
$254,468.60
Proceeds, before expenses, to RBC
$9.80
$12,468,961.40
The notes:
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
BofA Securities
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
Summary
The Leveraged Index Return Notes® Linked to an International Equity Index Basket, due October 29, 2021 (the "notes") are our senior unsecured debt
securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation or the FDIC or secured by col ateral. The notes will
rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, will
be subject to the credit risk of RBC. The notes are not bail-inable notes (as defined in the prospectus supplement). The notes provide you a
leveraged return if the Ending Value of the Market Measure, which is the international equity index basket described below (the "Basket"), is greater than its
Starting Value. If the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value, you wil receive the principal amount of
your notes. If the Ending Value is less than the Threshold Value, you wil lose a portion, which could be significant, of the principal amount of your notes.
Any payments on the notes, wil be calculated based on the $10 principal amount per unit and wil depend on the performance of the Basket, subject to our
credit risk. See "Terms of the Notes" below.
The Basket is comprised of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei Stock Average Index, the Swiss Market Index, the S&P/ASX
200 Index, and the Hang Seng Index (each a "Basket Component"). On the pricing date, the EURO STOXX 50® Index was given an initial weight of
40.00%, each of the FTSE® 100 Index and the Nikkei Stock Average Index was given an initial weight of 20.00%, each of the Swiss Market Index and the
S&P/ASX 200 Index was given an initial weight of 7.50%, and the Hang Seng Index was given an initial weight of 5.00%.
The economic terms of the notes (including the Participation Rate) are based on our internal funding rate, which is the rate we would pay to borrow funds
through the issuance of market-linked notes and the economic terms of certain related hedging arrangements. Our internal funding rate is typical y lower
than the rate we would pay when we issue conventional fixed or floating rate debt securities. This difference in funding rate, as wel as the underwriting
discount and the hedging related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on
the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.
On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our
and our affiliates' pricing models, which take into consideration our internal funding rate and the market prices for the hedging arrangements related to the
notes. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-29.
Terms of the Notes
Redemption Amount
Issuer:
Royal Bank of Canada ("RBC")
Determination
Principal
$10.00 per unit
Amount:
On the maturity date, you wil receive a cash payment per unit determined as
Term:
Approximately two years
fol ows:
Market
An international equity index basket comprised of the EURO

Measure:
STOXX 50® Index (Bloomberg symbol: "SX5E"), the FTSE®
100 Index (Bloomberg symbol: "UKX"), the Nikkei Stock
Average Index (Bloomberg symbol: "NKY"), the Swiss Market
Index (Bloomberg symbol: "SMI"), the S&P/ASX 200 Index
(Bloomberg symbol: "AS51") and the Hang Seng Index
(Bloomberg symbol: "HSI"). Each Basket Component is a
price return index.
Starting
100.00
Value:
Ending
The average of the values of the Basket on each calculation
Value:
day occurring during the Maturity Valuation Period (as defined
below). The scheduled calculation days are subject to
postponement in the event of Market Disruption Events, as
described beginning on page PS-18 of product supplement
EQUITY INDICES LIRN-1.
Threshold
90.00 (90.00% of the Starting Value).
Value:
Participation 132.65%
Rate:
Maturity
October 20, 2021, October 21, 2021, October 22, 2021,
Valuation
October 25, 2021 and October 26, 2021
Period:
Fees and
The underwriting discount of $0.20 per unit listed on the cover
Charges:
page and the hedging related charge of $0.075 per unit
described in "Structuring the Notes" on page TS-29.
Calculation
BofA Securities, Inc. ("BofAS").
Agent:
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
The terms and risks of the notes are contained in this term sheet and in the following:

Product supplement EQUITY INDICES LIRN-1 dated September 25, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118039041/form424b5.htm

Series H MTN prospectus supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm

Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
As a result of the completion of the reorganization of Bank of America's U.S. broker-dealer business, references to Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S") in the accompanying product supplement EQUITY INDICES LIRN-1 and prospectus
supplement, as such references relate to MLPF&S's institutional services, should be read as references to BofAS.
These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without
cost, be accessed on the SEC website as indicated above or obtained from MLPF&S or BofAS by calling 1-800-294-1322. Before you
invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or
contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus.
Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY INDICES LIRN-1.
Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar
references are to RBC.
Investor Considerations
You may wish to consider an investment in the notes if:
The notes may not be an appropriate investment for you if:
You anticipate that the value of the Basket will increase from

You believe that the value of the Basket will decrease from
the Starting Value to the Ending Value.
the Starting Value to the Ending Value or that it will not
increase sufficiently over the term of the notes to provide you
You are willing to risk a loss of principal and return if the value
with your desired return.
of the Basket decreases from the Starting Value to an Ending
Value that is below the Threshold Value.

You seek 100% principal repayment or preservation of
capital.
You are willing to forgo the interest payments that are paid on
conventional interest bearing debt securities.

You seek interest payments or other current income on your
You are willing to forgo dividends or other benefits of owning
investment.
the stocks included in the Basket Components.

You want to receive dividends or other distributions paid on
the stocks included in the Basket Components.
You are willing to accept a limited or no market for sales prior
to maturity, and understand that the market prices for the

You seek an investment for which there will be a liquid
notes, if any, will be affected by various factors, including our
secondary market.
actual and perceived creditworthiness, our internal funding

You are unwilling or are unable to take market risk on the
rate and fees and charges on the notes.
notes or to take our credit risk as issuer of the notes.

You are willing to assume our credit risk, as issuer of the
notes, for all payments under the notes, including the
Redemption Amount.

We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
Hypothetical Payout Profile and Examples of Payments at
Maturity

Leveraged Index Return Notes®
This graph reflects the returns on the notes, based on the
Participation Rate of 132.65% and the Threshold Value of 90% of
the Starting Value. The green line reflects the returns on the
notes, while the dotted gray line reflects the returns of a direct
investment in the stocks included in the Basket Components,
excluding dividends.
This graph has been prepared for purposes of illustration only.

The following table and examples are for purposes of illustration only. They are based on hypothetical values and show hypothetical
returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on the Starting Value of 100,
the Threshold Value of 90, the Participation Rate of 132.65% and a range of hypothetical Ending Values. The actual amount you receive
and the resulting total rate of return will depend on the actual Ending Value and whether you hold the notes to maturity. The
following examples do not take into account any tax consequences from investing in the notes.
For recent hypothetical historical values of the Basket, see "The Basket" section below. For recent actual levels of the Basket
Components, see "The Basket Components" section below. Each Basket Component is a price return index and as such the Ending Value
will not include any income generated by dividends paid on the stocks included in any of the Basket Components, which you would
otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer credit
risk.

Percentage Change from the

Starting Value to the Ending
Redemption Amount per
Total Rate of Return on the
Ending Value
Value
Unit
Notes
0.00

-100.00%

$1.00000

-90.000%
50.00

-50.00%

$6.00000

-40.000%
80.00

-20.00%

$9.00000

-10.000%
90.00(1)

-10.00%

$10.00000

0.000%
94.00

-6.00%

$10.00000

0.000%
95.00

-5.00%

$10.00000

0.000%
97.00

-3.00%

$10.00000

0.000%
100.00(2)

0.00%

$10.00000

0.000%
110.00

10.00%

$11.32650

13.265%
120.00

20.00%

$12.65300

26.530%
130.00

30.00%

$13.97950

39.795%
140.00

40.00%

$15.30600

53.060%
150.00

50.00%

$16.63250

66.325%
160.00

60.00%

$17.95900

79.590%
(1) This is the Threshold Value.
(2) The Starting Value was set to 100.00 on the pricing date.
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
Redemption Amount Calculation Examples
Example 1
The Ending Value is 80.00, or 80.00% of the Starting Value:
Starting Value:
100.00
Threshold Value:
90.00
Ending Value:
80.00
Redemption Amount per unit

Example 2
The Ending Value is 95.00, or 95.00% of the Starting Value:
Starting Value:
100.00
Threshold Value:
90.00
Ending Value:
95.00
Redemption Amount per unit = $10.00, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater
than the Threshold Value.

Example 3
The Ending Value is 150.00, or 150.00% of the Starting Value:
Starting Value:
100.00
Ending Value:
150.00
=$16.6325 Redemption Amount per unit
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
Risk Factors
There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks,
including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors"
sections beginning on page PS-6 of product supplement EQUITY INDICES LIRN-1, page S-1 of the MTN prospectus supplement, and
page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before
you invest in the notes.

Depending on the performance of the Basket as measured shortly before the maturity date, your investment may result in a loss;
there is no guaranteed return of principal.

Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of
comparable maturity.

Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to
affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

Your investment return may be less than a comparable investment directly in the stocks included in the Basket Components.

The initial estimated value of the notes is an estimate only, determined as of a particular point in time by reference to our and our
affiliates' pricing models. These pricing models consider certain assumptions and variables, including our credit spreads, our
internal funding rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates and volatility,
price-sensitivity analysis, and the expected term of the notes. These pricing models rely in part on certain forecasts about future
events, which may prove to be incorrect.

The public offering price you pay for the notes exceeds the initial estimated value. If you attempt to sell the notes prior to maturity,
their market value may be lower than the price you paid for them and lower than the initial estimated value. This is due to, among
other things, changes in the value of the Basket, our internal funding rate, and the inclusion in the public offering price of the
underwriting discount and the hedging related charge, all as further described in "Structuring the Notes" on page TS-29. 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.

The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S, BofAS or any of our affiliates
would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at any time
after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the Basket,
our creditworthiness and changes in market conditions.

A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or to
repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary
market.

Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in
shares of companies included in the Basket Components), and any hedging and trading activities we, MLPF&S, BofAS or our
respective affiliates engage in for our clients' accounts, may affect the market value and return of the notes and may create
conflicts of interest with you.

Changes in the level of one Basket Component may be offset by changes in the level of the other Basket Components. Due to
the different Initial Component Weights, changes in the level of some Basket Components will have a more substantial impact on
the value of the Basket than similar changes in the levels of the other Basket Components.

The index sponsors may adjust each Basket Component in a way that affects its level, and the index sponsors have no obligation
to consider your interests.

You will have no rights of a holder of the securities represented by the Basket Components, and you will not be entitled to receive
securities or dividends or other distributions by the issuers of those securities.

While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Basket
Components, we, MLPF&S, BofAS and our respective affiliates do not control any company included in the Basket Components,
and have not verified any disclosure made by any other company.

Your return on the notes and the value of the notes may be affected by exchange rate movements and factors affecting the
international securities markets, specifically changes in the countries represented by the Basket Components. In addition, you will
not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket Components
trade against the U.S. dollar, which you would have received if you had owned the securities represented by the Basket
Components during the term of your notes, although the levels of the Basket Components may be adversely affected by general
exchange rate movements in the market.

There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and
remove the calculation agent.
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021

The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See
"Summary of U.S. Federal Income Tax Consequences" below and "U.S. Federal Income Tax Summary" on page PS-30 of
product supplement EQUITY INDICES LIRN-1. For a discussion of the Canadian federal income tax consequences of investing
in the notes, see "Tax Consequences--Canadian Taxation" in the prospectus dated September 7, 2018.
Other Terms of the Notes
Market Measure Business Day
The following definition shall supersede and replace the definition of a "Market Measure Business Day" set forth in product supplement
EQUITY INDICES LIRN-1.
A "Market Measure Business Day" means a day on which:
(A) each of the Eurex (as to the EURO STOXX 50® Index), the London Stock Exchange (as to the FTSE® 100 Index), the Tokyo
Stock Exchange (as to the Nikkei Stock Average Index), the SIX Swiss Exchange (as to the Swiss Market Index), the Australian
Stock Exchange (as to the S&P/ASX 200 Index), and the Stock Exchange of Hong Kong (as to the Hang Seng Index) (or any
successor to the foregoing exchanges) are open for trading; and
(B) the Basket Components or any successors thereto are calculated and published.
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
The Basket
The Basket is designed to allow investors to participate in the percentage changes in the levels of the Basket Components from the
Starting Value to the Ending Value of the Basket. The Basket Components are described in the section "The Basket Components" below.
Each Basket Component was assigned an initial weight on the pricing date, as set forth in the table below.
For more information on the calculation of the value of the Basket, please see the section entitled Description of the LIRNS--Basket
Market Measures" beginning on page PS-20 of product supplement EQUITY INDICES LIRN-1.
For each Basket Component, the Initial Component Weight, the closing level, the Component Ratio and the initial contribution to the
Basket value were as follows:
Initial
Initial Basket
Bloomberg
Component
Closing
Component
Value
Basket Component
Symbol
Weight
Level(1)
Ratio(2)
Contribution
EURO STOXX 50® Index
SX5E
40.00%
3,621.37
0.01104554
40.00
FTSE® 100 Index
UKX
20.00%
7,328.25
0.00272916
20.00
Nikkei Stock Average Index
NKY
20.00%
22,750.60
0.00087910
20.00
Swiss Market Index
SMI
7.50%
10,106.53
0.00074209
7.50
S&P/ASX 200 Index
AS51
7.50%
6,693.647
0.00112047
7.50
Hang Seng Index
HSI
5.00%
26,797.95
0.00018658
5.00




Starting Value
100.00
(1) These were the closing levels of the Basket Components on the pricing date.
(2) Each Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied by
100, and then divided by the closing level of that Basket Component on the pricing date and rounded to eight decimal places.
The calculation agent will calculate the Ending Value of the Basket by summing the products of the closing level for each Basket
Component on each calculation day during the Maturity Valuation Period and the Component Ratio applicable to such Basket Component.
If a Market Disruption Event occurs as to any Basket Component on any scheduled calculation day, the closing level of that Basket
Component will be determined as more fully described beginning on page PS-21 of product supplement EQUITY INDICES LIRN-1 in the
section "Description of the LIRNS--Basket Market Measures--Ending Value of the Basket."
Leveraged Index Return Notes®
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Leveraged Index Return Notes®
Linked to an International Equity Index Basket, due October 29, 2021
While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the
hypothetical daily historical performance of the Basket from January 1, 2009 through October 24, 2019. The graph is based
upon actual daily historical levels of the Basket Components, hypothetical Component Ratios based on the closing levels of the
Basket Components determined as of December 31, 2008, and a Basket value of 100.00 as of that date. This hypothetical
historical data on the Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes
may be. Any hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is
not an indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the
notes.
Hypothetical Historical Performance of the Basket
Leveraged Index Return Notes®
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