Obligation Royal Bank of Canada 0% ( US78013GUR46 ) en USD

Royal Bank of Canada

100 % ⇌

Canada

US78013GUR46 ( en USD )

15/02/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78013GUR46 en USD 0%, échue

1 000 USD

9 054 000 USD

78013GUR4

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 US78013GUR46, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/02/2022

424B2 1 form424b2.htm WO BA CAH WBA AC PHYS AC 78013GUR4
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 2 7 0 0 1
Pricing Supplement
$9,054,000
Dated February 10, 2020
Auto-Callable Contingent Coupon Barrier Notes
To the Product Prospectus Supplement No. CCBN-1 Dated September 10,
Linked to the Lesser Performing of Three Equity
2018, the Prospectus Supplement Dated September 7, 2018 and the
Securities, Due February 15, 2022
Prospectus Dated September 7, 2018
Royal Bank of Canada
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of three equity securities (each, a
"Reference Stock" and collectively, the "Reference Stocks"). The Notes are senior unsecured obligations of Royal Bank of Canada, will pay a quarterly Contingent Coupon
at the rate and under the circumstances specified below, and will have the terms described in the documents described above, as supplemented or modified by this pricing
supplement.
Re fe re nc e St oc k s a nd Re fe re nc e St oc k I ssue rs
I nit ia l St oc k Pric e s

Coupon Ba rrie rs a nd T rigge r Pric e s*
The Boeing Company ("BA")

$344.67

$206.80, which is 60.00% of its Initial Stock Price
Cardinal Health, Inc. ("CAH")

$59.19

$35.51, which is 60.00% of its Initial Stock Price
Walgreens Boots Alliance, Inc. ("WBA")

$53.42

$32.05, which is 60.00% of its Initial Stock Price
* Rounded to two decimal places.
The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this pricing supplement, and "Risk Factors" beginning on
page PS-5 of the product prospectus supplement dated September 10, 2018 and on page S-1 of the prospectus supplement dated September 7, 2018.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or
U.S. government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing
supplement is truthful or complete. Any representation to the contrary is a criminal offense.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge List ing:
None
T ra de Da t e :
February 10, 2020
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
February 13, 2020
M a t urit y Da t e :
February 15, 2022
Obse rva t ion Da t e s:
Quarterly, as set forth below.
Coupon Pa ym e nt Da t e s:
Quarterly, as set forth below
V a lua t ion Da t e :
February 10, 2022
Cont inge nt Coupon Ra t e :
11.00% per annum
Cont inge nt Coupon:
If the closing price of e a c h Reference Stock is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay
the Contingent Coupon applicable to the corresponding Observation Date. You may not receive any Contingent Coupons during the term of
the Notes.
Pa ym e nt a t M a t urit y (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Lesser Performing
he ld t o m a t urit y):
Reference Stock:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price of the Lesser Performing
Reference Stock is less than its Trigger Price.
If the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, then the investor will receive at maturity, for
each $1,000 in principal amount, the number of shares of the Lesser Performing Reference Stock equal to the Physical Delivery Amount, or
at our election, the cash value of those shares.
Investors in the Notes could lose some or all of their principal amount if the Final Stock Price of the Lesser Performing Reference
Stock is below its Trigger Price.
Physic a l De live ry
For each $1,000 principal amount, a number of shares of the Lesser Performing Reference Stock equal to the principal amount divided by
Am ount :
its Initial Stock Price, subject to adjustment as described in the product prospectus supplement.
Le sse r Pe rform ing
The Reference Stock with the lowest Reference Stock Return.
Re fe re nc e St oc k :
Ca ll Fe a t ure :
If the closing price of e a c h Reference Stock is greater than or equal to its Initial Stock Price on any Observation Date beginning in August
2020, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to that Observation
Date.
Ca ll Se t t le m e nt Da t e s:
The Coupon Payment Date corresponding to that Observation Date.
Fina l St oc k Pric e :
For each Reference Stock, its closing price on the Valuation Date.
CU SI P:
78013GUR4

Per Note

Total
Price to public(1)
100.00%

$9,054,000
Underwriting discounts and commissions(1)
3.00%

$271,620
Proceeds to Royal Bank of Canada
97.00%

$8,782,380
(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 $970.00 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date was $948.78 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
https://www.sec.gov/Archives/edgar/data/1000275/000114036120002810/form424b2.htm[2/11/2020 3:46:00 PM]

value in more detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, will receive a commission of $30.00 per $1,000 in principal amount
of the Notes and will use a portion of that commission to allow selling concessions to other dealers of up to $30.00 per $1,000 in principal amount of the Notes. The other
dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
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 Auto-Callable Contingent Coupon Barrier Notes (the
"Notes") linked to the lesser performing of three equity securities (the "Reference Stocks").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
February 10, 2020
Issue Date:
February 13, 2020
Valuation Date:
February 10, 2022
Maturity Date:
February 15, 2022
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Contingent Coupon:
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each
Coupon Payment Date, under the conditions described below:
· If the closing price of e a c h Reference Stock is greater than or equal to its Coupon Barrier on
the applicable Observation Date, we will pay the Contingent Coupon applicable to that
Observation Date.
· If the closing price of a ny of t he Reference Stocks is less than its Coupon Barrier on the
applicable Observation Date, we will not pay you the Contingent Coupon applicable to that
Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the
Notes.
Contingent Coupon
11.00% per annum (2.75% per quarter)
Rate:
Observation Dates:
Quarterly, on May 11, 2020, August 10, 2020, November 10, 2020, February 10, 2021, May 10, 2021,
August 10, 2021, November 10, 2021 and the Valuation Date.
Coupon Payment
The Contingent Coupon, if payable, will be paid quarterly on May 14, 2020, August 13, 2020, November
Dates:
16, 2020, February 16, 2021, May 13, 2021, August 13, 2021, November 16, 2021 and the Maturity
Date.
Record Dates:
The record date for each Coupon Payment Date will be one business day prior to that scheduled
Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon a
call will be payable to the person to whom the payment at maturity or upon the call, as the case may be,
will be payable.
Call Feature:
If, on any Observation Date beginning in August 2020, the closing price of each Reference Stock is
greater than or equal to its Initial Stock Price, then the Notes will be automatically called.
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Payment if Called:
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000
principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call
Settlement Date.
Call Settlement Dates:
If the Notes are called on any Observation Date, the Call Settlement Date will be the Coupon Payment
Date corresponding to that Observation Date.
P-2
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
Initial Stock Price:
For each Reference Stock, its closing price on the Trade Date, as specified on the cover page of this
pricing supplement.
Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.
Trigger Price and
For each Reference Stock, 60.00% of its Initial Stock Price, as specified on the cover page of this pricing
Coupon Barrier:
supplement.
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock
not previously called
Price of the Lesser Performing Reference Stock:
and held to maturity):
· If the Final Stock Price of the Lesser Performing Reference Stock is greater than or equal to its
Trigger Price, we will pay you a cash payment equal to the principal amount plus the Contingent
Coupon otherwise due on the Maturity Date.
· If the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger Price, you
will receive at maturity, for each $1,000 in principal amount, the number of shares of the Lesser
Performing Reference Stock equal to the Physical Delivery Amount, or at our election, the Cash
Delivery Amount. If we elect to deliver shares of the Lesser Performing Reference Stock,
fractional shares will be paid in cash.
The value of the cash or shares that you receive will be less than your principal amount, if anything,
resulting in a loss that is proportionate to the decline of the Lesser Performing Reference Stock from the
Trade Date to the Valuation Date. Investors in the Notes will lose some or all of their principal amount if
the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price.
Physical Delivery
For each $1,000 in principal amount, a number of shares of the Lesser Performing Reference Stock
Amount:
equal to the principal amount divided by its Initial Stock Price, subject to adjustment as described in the
product prospectus supplement. If this number is not a round number, then the number of shares of the
Lesser Performing Reference Stock to be delivered will be rounded down and the fractional part shall be
paid in cash.
Cash Delivery Amount:
The product of the Physical Delivery Amount multiplied by the Final Stock Price of the Lesser Performing
Reference Stock.
Reference Stock
With respect to each Reference Stock:
Return:
Final Stock Price Initial Stock Price
Initial Stock Price
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Stocks
Events:
will result in the postponement of an Observation Date or the Valuation Date as to that Reference Stock,
as described in the product prospectus supplement, but not to any non-affected Reference Stock.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment:
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative
determination or a judicial ruling to the contrary) to treat the Notes as a callable pre-paid contingent
income-bearing derivative contract linked to the Reference Stocks for U.S. federal income tax purposes.
However, the U.S. federal income tax consequences of your investment in the Notes are uncertain and
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the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different
from that described in the preceding sentence. Please see the section below, "Supplemental Discussion
of U.S. Federal Income Tax Consequences," and the discussion (including the opinion of our counsel
Morrison & Foerster LLP) in the product prospectus supplement dated September 10, 2018 under
"Supplemental Discussion of U.S. Federal Income Tax Consequences," which apply to the Notes.
P-3
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
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 September 7, 2018).
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 September 10, 2018, as modified by this pricing
supplement.
P-4
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
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 September 7, 2018, as supplemented by the prospectus
supplement dated September 7, 2018 and the product prospectus supplement dated September 10, 2018, relating to our Senior Global Medium-
Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings
given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control. The Notes vary from the
terms described in the product prospectus supplement in several important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 7, 2018 and in the product prospectus
supplement dated September 10, 2018, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and
Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant
date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
https://www.sec.gov/Archives/edgar/data/1000275/000114036120002810/form424b2.htm[2/11/2020 3:46:00 PM]

Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to Royal Bank of
Canada.
P-5
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
H Y POT H ET I CAL EX AM PLES
The table set out below is included for illustration purposes only. The table illustrates the Payment at Maturity of the Notes (including the final Contingent
Coupon, if payable) for a hypothetical range of performance for the Lesser Performing Reference Stock, assuming the following terms and that the Notes are
not automatically called prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$60.00, which is 60.00% of the hypothetical Initial Stock Price
Contingent Coupon Rate:
11.00% per annum (or 2.75% per quarter)
Contingent Coupon Amount:
$27.50 per quarter
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
* The hypothetical Initial Stock Price of $100 used in the examples below has been chosen for illustrative purposes only and is not the actual Initial Stock Price of any
Reference Stock. The actual Initial Stock Price for each Reference Stock is set forth on the cover page of this pricing supplement. We make no representation or
warranty as to which of the Reference Stocks will be the Lesser Performing Reference Stock. It is possible that the Final Stock Price of each Reference Stock
will be less than its Initial Stock Price.
H ypot he t ic a l Fina l
Pa ym e nt a t M a t urit y (a ssum ing
Physic a l De live ry Am ount
Ca sh De live ry
St oc k Pric e of t he
Pe rc e nt a ge Cha nge of t he
t ha t t he N ot e s w e re not
a s N um be r of Sha re s of
Am ount
Le sse r Pe rform ing
Le sse r Pe rform ing
pre viously
t he Le sse r Pe rform ing
Re fe re nc e St oc k
Re fe re nc e St oc k
c a lle d)
Re fe re nc e St oc k
$200.00
100.00%
$1,027.50*
n/a
n/a
$190.00
90.00%
$1,027.50*
n/a
n/a
$180.00
80.00%
$1,027.50*
n/a
n/a
$170.00
70.00%
$1,027.50*
n/a
n/a
$150.00
50.00%
$1,027.50*
n/a
n/a
$140.00
40.00%
$1,027.50*
n/a
n/a
$125.00
25.00%
$1,027.50*
n/a
n/a
$120.00
20.00%
$1,027.50*
n/a
n/a
$110.00
10.00%
$1,027.50*
n/a
n/a
$100.00
0.00%
$1,027.50*
n/a
n/a
$90.00
-10.00%
$1,027.50*
n/a
n/a
$80.00
-20.00%
$1,027.50*
n/a
n/a
$70.00
-30.00%
$1,027.50*
n/a
n/a
$60.00
-40.00%
$1,027.50*
n/a
n/a
$59.99
-40.01%
Physical or Cash Delivery Amount
10
$599.90
$50.00
-50.00%
Physical or Cash Delivery Amount
10
$500.00
$40.00
-60.00%
Physical or Cash Delivery Amount
10
$400.00
$30.00
-70.00%
Physical or Cash Delivery Amount
10
$300.00
$20.00
-80.00%
Physical or Cash Delivery Amount
10
$200.00
$10.00
-90.00%
Physical or Cash Delivery Amount
10
$100.00
$0.00
-100.00%
Physical or Cash Delivery Amount
10
$0.00
* Including the final Contingent Coupon, if payable.
P-6
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120002810/form424b2.htm[2/11/2020 3:46:00 PM]

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the Notes have
not been called.
Ex a m ple 1 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k inc re a se s by 2 5 % from t he I nit ia l St oc k Pric e of
$ 1 0 0 .0 0 t o it s Fina l St oc k Pric e of $ 1 2 5 .0 0 . Because the Final Stock Price of the Lesser Performing Reference Stock is greater than
its Trigger Price and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes,
a cash payment of $1,000 per Note, despite the 25% appreciation in the price of the Lesser Performing Reference Stock.
Ex a m ple 2 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k de c re a se s by 1 0 % from t he I nit ia l St oc k Pric e of
$ 1 0 0 .0 0 t o it s Fina l St oc k Pric e of $ 9 0 .0 0 . Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its
Trigger Price and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a
cash payment of $1,000 per Note, despite the 10% decline in the price of the Lesser Performing Reference Stock.
Ex a m ple 3 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k de c re a se s by 5 0 % from t he I nit ia l St oc k Pric e of
$ 1 0 0 .0 0 t o it s Fina l St oc k Pric e of $ 5 0 .0 0 . Because the Final Stock Price of the Lesser Performing Reference Stock is less than its
Trigger Price and its Coupon Barrier, the final Contingent Coupon will not be payable on the Maturity Date, and the investor receives 10 shares
of the Lesser Performing Reference Stock at maturity, or at our option, the Cash Delivery Amount, calculated as follows:
Physical Delivery Amount x Final Stock Price of the Lesser Performing Reference Stock = 10 x $50 = $500.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on prices of the Reference Stocks that may not be achieved on
the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity Date or at any
other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above,
and those amounts should not be viewed as an indication of the financial return on an investment in the Notes.
P-7
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
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
Stocks. These risks are explained in more detail in the section "Risk Factors" in the product prospectus supplement. In addition to
the risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:
·
Princ ipa l a t Risk -- Investors in the Notes could lose all or a substantial portion of their principal amount if there is a
decline in the trading price of the Lesser Performing Reference Stock between the Trade Date and the Valuation Date. If
the Notes are not automatically called and the Final Stock Price of the Lesser Performing Reference Stock on the
Valuation Date is less than its Trigger Price, the value of the shares of the Lesser Performing Reference Stock or cash
that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the closing price of
the Lesser Performing Reference Stock from the Trade Date to the Valuation Date. If you receive shares of the Lesser
Performing Reference Stock, their value could decrease between the Valuation Date and the Maturity Date. Any
Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such
loss.
·
T he N ot e s Are Subje c t t o a n Aut om a t ic Ca ll -- If on any Observation Date beginning in August 2020, the closing
price of each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called.
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you
will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive
any Contingent Coupons after the Call Settlement Date. You may be unable to reinvest your proceeds from the automatic
https://www.sec.gov/Archives/edgar/data/1000275/000114036120002810/form424b2.htm[2/11/2020 3:46:00 PM]

call in an investment with a return that is as high as the return on the Notes would have been if they had not been called.
·
Y ou M a y N ot Re c e ive Any Cont inge nt Coupons -- We will not necessarily make any coupon payments on the
Notes. If the closing price of any of the Reference Stocks on an Observation Date is less than its Coupon Barrier, we will
not pay you the Contingent Coupon applicable to that Observation Date. If the closing price of any of the Reference Stocks
is less than its Coupon Barrier on each of the Observation Dates and on the Valuation Date, we will not pay you any
Contingent Coupons during the term of, and you will not receive a positive return on your Notes. Generally, this non-
payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we
do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of principal, because the Final Stock
Price of the Lesser Performing Reference Stock will be less than its Trigger Price.
·
T he N ot e s Are Link e d t o t he Le sse r Pe rform ing Re fe re nc e St oc k , Eve n if t he Ot he r Re fe re nc e St oc k s
Pe rform Be t t e r -- If any of the Reference Stocks has a Final Stock Price that is less than its Trigger Price, your return
will be linked to the lesser performing of the three Reference Stocks. Even if the Final Stock Prices of the other Reference
Stocks have increased compared to their respective Initial Stock Prices, or have experienced a decrease that is less than
that of the Lesser Performing Reference Stock, your return will only be determined by reference to the performance of the
Lesser Performing Reference Stock, regardless of the performance of the other Reference Stocks.
·
Y our Pa ym e nt on t he N ot e s Will Be De t e rm ine d by Re fe re nc e t o Ea c h Re fe re nc e St oc k I ndividua lly,
N ot t o a Ba sk e t , a nd t he Pa ym e nt a t M a t urit y Will Be Ba se d on t he Pe rform a nc e of t he Le sse r
Pe rform ing Re fe re nc e St oc k -- The Payment at Maturity will be determined only by reference to the performance of
the Lesser Performing Reference Stock, regardless of the performance of the other Reference Stocks. The Notes are not
linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For
example, in the case of notes linked to a weighted basket, the return would depend on the weighted aggregate
performance of the basket components reflected as the basket return. As a result, the depreciation of one basket
component could be mitigated by the appreciation of the other basket components, as scaled by the weighting of those
basket components. However, in the case of the Notes, the individual performance of each of the Reference Stocks would
not be combined, and the depreciation of one Reference Stock would not be mitigated by any appreciation of the other
Reference Stocks. Instead, your return will depend solely on the Final Stock Price of the Lesser Performing Reference
Stock.
·
T he Ca ll Fe a t ure a nd t he Cont inge nt Coupon Fe a t ure Lim it Y our Pot e nt ia l Re t urn -- The return potential
of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
Stocks. In addition, the total return on the Notes will vary based on the number of Observation Dates on which the
Contingent Coupon becomes payable prior to maturity or an automatic call. Further, if the Notes are called due to the Call
Feature, you will not receive any Contingent Coupons or any other payment in respect of any Observation Dates after the
applicable Call Settlement Date. Since the Notes could be called as early as August 2020, the total return on the Notes
could be minimal. If the Notes are not called, you may be subject to the full downside performance of the Lesser
Performing Reference Stock even though your potential return is limited to the Contingent Coupon Rate. As a result, the
return on an investment in the Notes could be less than the return on a direct investment in the Reference Stocks.
·
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
-- 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 our senior unsecured debt securities. As a
result, your receipt of any Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent
upon our ability to repay our obligations on the applicable payment dates. This will be the case even if the prices of the
Reference Stocks increase after the Trade Date. No assurance can be given as to what our financial condition will be
during the term 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
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securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to
do so. RBCCM or any other affiliate of ours 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.
·
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 prices of the Reference Stocks, 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.
·
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 Trade 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
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
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, each Observation Date 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.
·
Our Busine ss Ac t ivit ie s M a y Cre a t e Conflic t s of I nt e re st -- We and our affiliates expect to engage in trading
activities related to the Reference Stocks that are not for the account of holders of the Notes or on their behalf. These
trading activities may present a conflict between the holders' interests in the Notes and the interests we and our affiliates
will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for
their customers and in accounts under their management. These trading activities, if they influence the share price of the
Reference Stocks, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may,
at present or in the future, engage in business with the Reference Stock Issuers, including making loans to or providing
advisory services. These services could include investment banking and merger and acquisition advisory services. These
activities may present a conflict between our or one or more of our affiliates' obligations and your interests as a holder of
the Notes. Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with
respect to the Reference Stocks. This research is modified from time to time without notice and may express opinions or
provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or
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more of our affiliates may affect the share price of the Reference Stocks, and, therefore, the market value of the Notes.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Re fe re nc e St oc k s -- The return on your Notes is unlikely
to reflect the return you would realize if you actually owned shares of the Reference Stocks. For instance, you will not
receive or be entitled to receive any dividend payments or other distributions on these 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 these securities may
have. Furthermore, the Reference Stocks may appreciate substantially during the term of the Notes, while your potential
return will be limited to the applicable Contingent Coupon payments.
·
Y ou M ust Re ly on Y our Ow n Eva lua t ion of t he M e rit s of a n I nve st m e nt Link e d t o t he Re fe re nc e
St oc k s -- In the ordinary course of their business, our affiliates may have expressed views on expected movements in
the Reference Stocks, and may do so in the future. These views or reports may be communicated to our clients and clients
of our affiliates. However, these views are subject to change from time to time. Moreover, other professionals who transact
business in markets relating to each Reference Stock may at any time have significantly different views from those of our
affiliates. For these reasons, you are encouraged to derive information concerning the Reference Stocks from multiple
sources, and you should not rely solely on views expressed by our affiliates.
·
T he re I s N o Affilia t ion Be t w e e n t he Re fe re nc e St oc k I ssue rs a nd RBCCM , a nd RBCCM I s N ot
Re sponsible for a ny Disc losure by t he Re fe re nc e St oc k I ssue rs -- We are not affiliated with the Reference
Stock Issuers. However, we and our affiliates may currently, or from time to time in the future engage, in business with
each Reference Stock Issuer. Nevertheless, neither we nor our affiliates assume any responsibilities for the accuracy or the
completeness of any information that any other company prepares. You, as an investor in the Notes, should make your
own investigation into the Reference Stocks.
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
I N FORM AT I ON REGARDI N G T H E REFEREN CE ST OCK I SSU ERS
The Reference Stocks are registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with securities
registered under that Act are required to file periodically certain financial and other information specified by the SEC. Information
provided to or filed with the SEC can be obtained through the SEC's website at www.sec.gov. In addition, information regarding the
Reference Stocks may be obtained from other sources including, but not limited to, press releases, newspaper articles and other
publicly disseminated documents.
The following information regarding the Reference Stock Issuers is derived from publicly available information.
We have not independently verified the accuracy or completeness of reports filed by the Reference Stock Issuers with the SEC,
information published by it on its website or in any other format, information about it obtained from any other source or the
information provided below.
We obtained the information regarding the historical performance of the Reference Stocks set forth 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 Stocks should not be taken as an indication of their future performance, and no
assurance can be given as to the market prices of the Reference Stocks at any time during the term of the Notes. We cannot give
you assurance that the performance of the Reference Stocks will not result in the loss of all or part of your investment.
T he Boe ing Com pa ny ("BA")
The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support
services to the commercial airline industry worldwide. The company also researches, develops, produces, modifies, and supports information,
space, and defense systems, including military aircraft, helicopters and space and missile systems.
The company's common stock is listed on the New York Stock Exchange (the "NYSE") under the ticker symbol "BA".
Ca rdina l H e a lt h, I nc . ("CAH ")
Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The company's services
include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development,
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pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.
The company's common stock is listed on the NYSE under the ticker symbol "CAH".
Wa lgre e ns Boot s Allia nc e , I nc . ("WBA")
Walgreens Boots Alliance, Inc. operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general
goods. The company also offers health services, including primary and acute care, wellness, pharmacy and disease management services, and
health and fitness.
The company's common stock is listed on the NYSE under the ticker symbol "WBA".
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Securities
Royal Bank of Canada
H I ST ORI CAL I N FORM AT I ON
The graphs below set forth the information relating to the historical performance of the Reference Stocks.
We obtained the information in the graphs 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 each Reference Stock should not be taken as an indication of its future performance, and no assurance can be given as to the
prices of the Reference Stocks at any time. We cannot give you assurance that the performance of the Reference Stocks will not result in the
loss of all or part of your investment.
H ist oric a l I nform a t ion for T he Boe ing Com pa ny ("BA")
The graph below illustrates the performance of this Reference Stock from January 1, 2010 through February 10, 2020, reflecting its Initial Stock
Price of $344.67. The red line represents its Coupon Barrier and Trigger Price of $206.80, which is equal to 60.00% of its Initial Stock Price,
rounded to two decimal places.
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RBC Capital Markets, LLC
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