Obligation Royal Bank of Canada 0% ( US78012KJ325 ) en USD

Royal Bank of Canada

100 % ▼

Canada

US78012KJ325 ( en USD )

18/04/2023 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78012KJ325 en USD 0%, échue

1 000 USD

581 000 USD

78012KJ32

N/A

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78012KJ325, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 18/04/2023

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78012KJ325, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm INDU BRN
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

$581,000
Dated April 13, 2017
Buffered Return Notes
To the Product Prospectus Supplement ERN-EI-1 Dated
Linked to the Dow Jones Industrial
January 12, 2016, Prospectus Supplement Dated January 8,
Average®,
2016, and Prospectus Dated January 8, 2016
Due April 18, 2023
Royal Bank of Canada

Royal Bank of Canada is offering the Buffered Return Notes (the "Notes") linked to the performance of the Dow Jones Industrial Average® (the "Reference
Asset").
The CUSIP number for the Notes is 78012KJ32. The Notes do not pay interest. The Notes provide a 103.00% leveraged positive return if the level of the
Reference Asset increases from the Initial Level to the Final Level. Investors are subject to a one-for-one loss of the principal amount of the Notes for any
percentage decrease from the Initial Level to the Final Level of more than 25%. Any payments on the Notes are subject to our credit risk.
Issue Date: April 19, 2017
Maturity Date: April 18, 2023
The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-1 of the prospectus supplement dated January 8, 2016,
"Additional Risk Factors Specific to the Notes" beginning on page PS-4 of the product prospectus supplement dated January 12, 2016, and "Selected Risk
Considerations" beginning on page P-6 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 these securities or determined that
this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Per Note

Total
Price to public(1)
100.00%

$581,000.00
Underwriting discounts and commissions(1)
2.75%

$15,977.50
Proceeds to Royal Bank of Canada
97.25%

$565,022.50
(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 $972.50 and $1,000 per $1,000 in principal
amount.
The initial estimated value of the Notes as of the date of this pricing supplement is $942.12 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 $27.50 per $1,000 in
principal amount of the Notes and would use a portion of that commission to allow selling concessions to other dealers of up to $27.50 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)" on page P-14 below.
Non-U.S. holders will not be subject to withholding on dividend equivalent payments under Section 871(m) of the U.S. Internal Revenue Code.
Please see the section below, "Supplemental Discussion of U.S. Federal Income Tax Consequences," which applies to the Notes.
We may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement in a
market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this
pricing supplement is being used in a market-making transaction.
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

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.
Issuer:
Royal Bank of Canada ("Royal Bank")
Issue:
Senior Global Medium-Term Notes, Series G
Underwriter:
RBC Capital Markets, LLC ("RBCCM")
Reference Asset:
Dow Jones Industrial Average®
Bloomberg Ticker:
INDU
Currency:
U.S. Dollars
Minimum
$1,000 and minimum denominations of $1,000 in excess thereof
Investment:
Pricing Date:
April 13, 2017
Issue Date:
April 19, 2017
CUSIP:
78012KJ32
Valuation Date:
April 13, 2023
Payment at Maturity
If, on the Valuation Date, the Percentage Change is posit ive , then the investor will receive an amount per
(if held to maturity):
$1,000 principal amount per Note equal to:

Principal Amount + (Principal Amount x Percentage Change x Leverage Factor)
If, on the Valuation Date, the Percentage Change is le ss t ha n or e qua l t o 0 % , but not by m ore
t ha n the Buffer Percentage (that is, the Percentage Change is between zero and
-25.00%), then the investor will receive the principal amount only.
If, on the Valuation Date, the Percentage Change is ne ga t ive , by m ore t ha n the Buffer Percentage
(that is, the Percentage Change is between -25.01% and -100%), then the investor will receive a cash
payment equal to:
Principal Amount + [Principal Amount x (Percentage Change + Buffer Percentage)]
Percentage Change:
The Percentage Change, expressed as a percentage, is calculated using the following formula:
Initial Level:
20,453.25, which was the closing level of the Reference Asset on the Pricing Date.
Final Level:
The closing level of the Reference Asset on the Valuation Date.
Leverage Factor:
103.00%
Buffer Percentage:
25%
Buffer Level:
75% of the Initial Level.

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P-2
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

Maturity Date:
April 18, 2023, subject to extension for market and other disruptions, as described in the product
prospectus supplement dated January 12, 2016.
Term:
Approximately six (6) years
Principal at Risk:
T he N ot e s a re NOT princ ipa l prot e c t e d. Y ou m a y lose a subst a nt ia l port ion of your
princ ipa l a m ount a t m a t urit y if t he re is a pe rc e nt a ge de c re a se from t he I nit ia l Le ve l t o
t he Fina l Le ve l of m ore t ha n 2 5 % .
Calculation Agent:
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 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, plans to maintain a secondary market in the
Notes after the Issue Date. T he a m ount t ha t you m a y re c e ive upon sa le of your N ot e s prior
t o m a t urit y m a y be le ss t ha n t he princ ipa l a m ount of your N ot e s.
Listing:
The Notes will not be listed on any securities exchange.
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described
Settlement:
under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated
January 8, 2016).
Terms Incorporated
All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of this
in the Master Note:
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 Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

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.
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

You should read this pric ing supple m e nt 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 Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

H Y POT H ET I CAL RET U RN S
The examples set out below are included for illustration purposes only. The hypot he t ic a l Percentage Changes of the Reference
Asset used to illustrate the calculation of the Payment at Maturity (rounded to two decimal places) are not estimates or forecasts of
the Final Level or the level of the Reference Asset on any trading day prior to the Maturity Date. All examples are based on the
Buffer Percentage of 25% (the Buffer Level is 75% of the Initial Level) and the Leverage Factor of 103.00%, and assume that the
holder purchased Notes with an aggregate principal amount of $1,000 and that no market disruption event occurs on the Valuation
Date.
Example 1 --
Calculation of the Payment at Maturity where the Percentage Change is positive.

Percentage
10%
Change:

Payment at
$1,000 + ($1,000 x 10% x 103%) = $1,000 + $103.00 = $1,103.00
Maturity:

On a $1,000 investment, a 10% Percentage Change results in a Payment at Maturity of $1,103.00, a 10.30%
return on the Notes.
Example 2 --
Calculation of the Payment at Maturity where the Percentage Change is negative (but not by more than the
Buffer Percentage).

Percentage
-8%
Change:

Payment at
At maturity, if the Percentage Change is negative BUT not by more than the Buffer
Maturity:
Percentage, then the Payment at Maturity will equal the principal amount.

On a $1,000 investment, a -8% Percentage Change results in a Payment at Maturity of $1,000, a 0% return on
the Notes.
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

Example 3 --
Calculation of the Payment at Maturity where the Percentage Change is negative (by more than the Buffer
Percentage).

Percentage
-40%
Change:

Payment at
$1,000 + [$1,000 x (-40% + 25%)] = $1,000 - $150.00 = $850.00
Maturity:

On a $1,000 investment, a -40% 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 Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

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
Asset. These risks are explained in more detail in the section "Additional Risk Factors Specific to the Notes," beginning on page
PS-4 of 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 Reference Asset. You will lose one percent of the principal amount of your Notes for each 1% that the
Final Level is less than the Initial Level by more than 25%.
·
T he N ot e s Do N ot Pa y I nt e re st a nd 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 There will be no periodic 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. Even if your return
is positive, your return may be less than the return you would earn if you bought a conventional senior interest bearing debt
security of Royal Bank.
·
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 amount due on the maturity date is dependent upon Royal Bank's ability to
repay its obligations at that time. This will be the case even if the level of the Reference Asset increases 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.
·
Y ou Will N ot H a ve Any Right s t o t he Se c urit ie s I nc lude d in t he Re fe re nc e Asse t As a holder of the
Notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of
securities included in the Reference Asset would have. The Final Level will not reflect any dividends paid on the securities
included in the Reference Asset, and accordingly, any positive return on the Notes may be less than the potential positive
return on those securities.
·
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 level of the Reference Asset, 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
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

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

P-6
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

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 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.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s 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.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s The payment at maturity and the Valuation Date are subject to
adjustment 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 Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

I N FORM AT I ON REGARDI N G T H E REFERENCE ASSET
All disclosures contained in this pricing supplement regarding the Reference Asset, including, without limitation, its make-up, method of
calculation, and changes in its components, have been derived from publicly available sources. The information reflects the policies of, and is
subject to change by, S&P Dow Jones Indices LLC ("SPDJI"). SPDJI, which owns the copyright and all other rights to the Reference Asset, has
no obligation to continue to publish, and may discontinue publication of, the Reference Asset. The consequences of SPDJI discontinuing
publication of the 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 on a Valuation Date." Neither we nor RBCCM accepts any responsibility for the calculation,
maintenance or publication of the Reference Asset or any successor index.
Ge ne ra l
The Reference Asset is a price-weighted index, which means an underlying stock's weight in the Reference Asset is based on its price per
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

share rather than the total market capitalization of the issuer. The Reference Asset is designed to provide an indication of the composite
performance of 30 common stocks of corporations representing a broad cross-section of U.S. industry. The corporations represented in the
Reference Asset tend to be market leaders in their respective industries and their stocks are typically widely held by individuals and institutional
investors.
The Reference Asset is maintained by an Averages Committee comprised of the Managing Editor of The Wall Street Journal ("WSJ"), the head
of Dow Jones Indexes research and the head of CME Group Inc. research. The Averages Committee was created in March 2010, when Dow
Jones Indexes became part of CME Group Index Services, LLC, a joint venture company owned 90% by CME Group Inc. and 10% by Dow
Jones & Company. Generally, composition changes occur only after mergers, corporate acquisitions or other dramatic shifts in a component's
core business. When such an event necessitates that one component be replaced, the entire Reference Asset is reviewed. As a result, when
changes are made they typically involve more than one component. While there are no rules for component selection, a stock typically is added
only if it has an excellent reputation, demonstrates sustained growth, is of interest to a large number of investors and accurately represents the
sector(s) covered by the average.
Changes in the composition of the Reference Asset are made entirely by the Averages Committee without consultation with the corporations
represented in the Reference Asset, any stock exchange, any official agency or us. Unlike most other indices, which are reconstituted according
to a fixed review schedule, constituents of the Reference Asset are reviewed on an as-needed basis. Changes to the common stocks included
in the Reference Asset tend to be made infrequently, and the underlying stocks of the Reference Asset may be changed at any time for any
reason. The companies currently represented in the Reference Asset are incorporated in the United States and its territories and their stocks
are listed on the New York Stock Exchange and NASDAQ.
The Reference Asset initially consisted of 12 common stocks and was first published in the WSJ in 1896. The Reference Asset was increased
to include 20 common stocks in 1916 and to 30 common stocks in 1928. The number of common stocks in the Reference Asset has remained
at 30 since 1928, and, in an effort to maintain continuity, the constituent corporations represented in the Reference Asset have been changed
on a relatively infrequent basis.
Com put a t ion of t he Re fe re nc e Asse t
The level of the Reference Asset is the sum of the primary exchange prices of each of the 30 component stocks included in the Reference
Asset, divided by a divisor that is designed to provide a meaningful continuity in the level of the Reference Asset. Because the Reference Asset
is price-weighted, stock splits or changes in the component stocks could result in distortions in the index level. In order to prevent these
distortions related to extrinsic factors, the divisor is periodically changed in accordance with a mathematical formula that reflects adjusted
proportions within the Reference Asset. The current divisor of the Reference Asset is published daily in the WSJ and other publications. In
addition, other statistics based on the Reference Asset may be found in a variety of publicly available sources.
Lic e nse Agre e m e nt
S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") 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 Dow Jones Indices LLC. "DJIA®"

P-8
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

is a trademark of Dow Jones. The trademark has been sublicensed for certain purposes by us. The Reference Asset is a product of S&P Dow
Jones Indices LLC 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, Dow Jones, S&P 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
Reference Asset to track general market performance. S&P Dow Jones Indices' only relationship to us with respect to the Reference Asset is
the licensing of the Reference Asset and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its third party
licensors. The Reference Asset 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 us or holders of the Notes into consideration in determining, composing
or calculating the Reference Asset. 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
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

trading of the Notes. There is no assurance that investment products based on the Reference Asset 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 Reference Asset. 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
REFERENCE ASSET 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 REFERENCE ASSET 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, 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-9
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

H ist oric a l I nform a t ion
The graph below sets forth the information relating to the historical performance of the Reference Asset. In addition, below the
graph is a table setting forth the intra-day high, intra-day low and period-end closing levels of the Reference Asset. The
information provided in this table is for the four calendar quarters of 2013, 2014, 2015, and 2016, the first quarter of 2017 and the
period from April 1, 2017 through April 13, 2017.
We obtained the information regarding the historical performance of the Reference Asset 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 Reference Asset should not be taken as an indication of its future performance, and no assurance
can be given as to the Final Level of the Reference Asset. We cannot give you assurance that the performance of the Reference
Asset will result in any positive return on your initial investment.
Dow J one s I ndust ria l Ave ra ge ® ("I N DU ")
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

P-10
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

Pe riod-End Closing
H igh I nt ra -Da y Le ve l Low I nt ra -Da y Le ve l
Le ve l of t he
of t he Re fe re nc e
of t he Re fe re nc e
Re fe re nc e
Pe riod-St a rt Da t e

Pe riod-End Da t e

Asse t

Asse t

Asse t
1/1/2013

3/31/2013

14,585.10

13,104.30

14,578.54
4/1/2013

6/30/2013

15,542.40

14,434.43

14,909.60
7/1/2013

9/30/2013

15,709.58

14,760.41

15,129.67
10/1/2013

12/31/2013

16,588.25

14,719.43

16,576.66
1/1/2014

3/31/2014

16,573.07

15,340.69

16,457.66
4/1/2014

6/30/2014

16,978.02

16,015.32

16,826.60
7/1/2014

9/30/2014

17,350.64

16,333.78

17,042.90
10/1/2014

12/31/2014

18,103.45

15,855.12

17,823.07
1/1/2015

3/31/2015

18,288.63

17,037.76

17,776.12
4/1/2015

6/30/2015

18,351.36

17,576.50

17,619.51
7/1/2015

9/30/2015

18,137.12

15,370.33

16,284.70
10/1/2015

12/31/2015

17,977.85

16,013.66

17,425.03
1/1/2016

3/31/2016

17,790.11

15,450.56

17,685.09
4/1/2016

6/30/2016

18,167.63

16,545.67

17,929.99
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

7/1/2016

9/30/2016

18,668.44

17,713.45

18,308.15
10/1/2016

12/30/2016

19,225.29

17,883.56

19,170.42
1/1/2017

3/31/2017

21,169.11

19,677.94

20,663.22
4/1/2017

4/13/2017

20,887.50

20,453.25

20,453.25
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-11
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

SU PPLEM EN T AL DI SCU SSI ON OF U .S. FEDERAL I N COM E T AX
CON SEQU EN CES
The following disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product prospectus
supplement dated January 12, 2016 under "Supplemental Discussion of U.S. Federal Income Tax Consequences."
A "dividend equivalent" payment is treated as a dividend from sources within the United States and such payments generally would
be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments
(including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend
equivalents if such specified ELIs reference an interest in an "underlying security," which is generally any interest in an entity
taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S.
source dividend. However, U.S. Treasury Department regulations provide that withholding on dividend equivalent payments will not
apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2018. Based on our determination
that the Notes are not delta-one instruments, non-U.S. holders should not be subject to withholding on dividend equivalent
payments, if any, under the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal
income tax purposes upon the occurrence of certain events affecting the Reference Asset or the Notes (for example upon a
Reference Asset rebalancing), and following such occurrence the Notes could be treated as subject to withholding on dividend
equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the Reference Asset or the
Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes
and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable
withholding agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts
so withheld.

P-12
RBC Capital Markets, LLC

Buffered Return Notes
Linked to the Dow Jones Industrial
Average®,
Due April 18, 2023

SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON (CON FLI CT S OF I N T EREST )
Delivery of the Notes will be made against payment for the Notes on April 19, 2017, which is the third (3rd) business day following
the Pricing Date (this settlement cycle being referred to as "T+3"). For additional information as to the relationship between us and
RBCCM, please see the section "Plan of Distribution - Conflicts of Interest" in the prospectus dated January 8, 2016.
In the initial offering of the Notes, they were offered to investors at a purchase price equal to par, except with respect to certain
accounts as indicated on the cover page of this document. The value of the Notes shown on your account statement may be
based on RBCCM's estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes
(which it is not obligated to do). That estimate will be based upon the price that RBCCM may pay for the Notes in light of then
https://www.sec.gov/Archives/edgar/data/1000275/000114036117015928/form424b2.htm[4/17/2017 11:59:22 AM]

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