Obligation Royal Bank of Canada 0% ( US78013XLX48 ) en USD

Royal Bank of Canada

100 % ▼

Canada

US78013XLX48 ( en USD )

20/06/2023 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78013XLX48 en USD 0%, échue

1 000 USD

1 910 000 USD

78013XLX4

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 US78013XLX48 émise par la Royal Bank of Canada (Canada), d'une valeur nominale totale de 1 910 000 USD, avec un prix actuel de marché de 100%, un taux d'intérêt de 0%, une taille minimale d'achat de 1 000 USD, arrivant à échéance le 20 juin 2023, et payant des intérêts deux fois par an, libellée en USD et ayant un code CUSIP de 78013XLX4, est arrivée à maturité et a été remboursée ; elle n'est pas notée par Moody's (NR).

424B2 1 form424b2.htm SX5E ERN W/BUFF & CAP
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
$1,910,000
Dated June 15, 2018
To the Product Prospectus Supplement ERN-EI-1 Dated January 12,
Buffered Enhanced Return Notes
2016, Prospectus Supplement Dated January 8, 2016, and Prospectus
Linked to the EURO STOXX 50®
Dated January 8, 2016
Index, Due June 20, 2023
Royal Bank of Canada

Royal Bank of Canada is offering the Buffered Enhanced Return Notes (the "Notes") linked to the performance of the EURO STOXX 50® Index (the
"Reference Asset").
The CUSIP number for the Notes is 78013XLX4. The Notes do not pay interest. The Notes provide a 10-to-1 leveraged positive return if the level of the
Reference Asset increases from the Initial Level to the Final Level, subject to the Maximum Redemption Amount of 185.00% of the principal amount of the
Notes. Investors will lose 1% of the principal amount of the Notes for each 1% decrease from the Initial Level to the Final Level of more than 15.00%. Any
payments on the Notes are subject to our credit risk.
Issue Date: June 20, 2018
Maturity Date: June 20, 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%
$1,910,000.00
Underwriting discounts and commissions(1)
3.00%
$57,300.00
Proceeds to Royal Bank of Canada
97.00%
$1,852,700.00
(1) Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or
selling concessions. The public offering price for investors purchasing the Notes in these accounts was between $970.00 and $1,000 per $1,000 in principal
amount.
The initial estimated value of the Notes as of the date of this pricing supplement is $929.46 per $1,000 in principal amount, which is less than the
price to public. The actual value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this
amount. We describe our determination of the initial estimated value in more detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of $30.00 per $1,000
in principal amount of the Notes and used a portion of that commission to allow selling concessions to other dealers of up to $30.00 per $1,000 in principal
amount of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution
(Conflicts of Interest)" below.
RBC Capital Markets, LLC

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Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 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:
EURO STOXX 50® Index

Bloomberg Ticker:
SX5E

Currency:
U.S. Dollars

Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess thereof

Pricing Date:
June 15, 2018

Issue Date:
June 20, 2018

CUSIP:
78013XLX4

Valuation Date:
June 15, 2023

Payment at Maturity
If, on the Valuation Date, the Percentage Change is positive , then the investor will receive an
(if held to maturity):
amount per $1,000 principal amount per Note equal to the lesser of:

1. Principal Amount + (Principal Amount x Percentage Change x Leverage Factor) and
2. Maximum Redemption Amount
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 -15.00%),
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 -15.01% 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:
Final Level - Initial Level
Initial Level

Initial Level:
3,505.02, 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:
10 (subject to the Maximum Redemption Amount)

Maximum Redemption 185.00% multiplied by the principal amount
Amount:

Buffer Percentage:
15.00%

Buffer Level:
2,979.27, which is 85.00% of the Initial Level (rounded to two decimal places)

P-2
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036118029066/form424b2.htm[6/19/2018 12:30:33 PM]

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023

Maturity Date:
June 20, 2023, subject to extension for market and other disruptions, as described in the product
prospectus supplement dated January 12, 2016.

Term:
Five (5) years

Principal at Risk:
The Notes are NOT principal protected. You may lose a substantial portion 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 1 5 .0 0 % .

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, may 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
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated January 8, 2016).

Terms Incorporated in All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of
the Master Note:
this pricing supplement and the terms appearing under the caption "General Terms of the Notes" in
the product prospectus supplement dated January 12, 2016, as modified by this pricing
supplement. In addition to those terms, the following two sentences are also so incorporated into
the master note: RBC confirms that it fully understands and is able to calculate the effective annual
rate of interest applicable to the Notes based on the methodology for calculating per annum rates
provided for in the Notes. RBC irrevocably agrees not to plead or assert Section 4 of the Interest
Act (Canada), whether by way of defense or otherwise, in any proceeding relating to the Notes.

P-3
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 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
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will control. The Notes vary from the terms described in the product prospectus supplement in several important ways.
You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated
January 8, 2016 and "Additional Risk Factors Specific to the Notes" in the product prospectus supplement dated January 12, 2016,
as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax,
accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and Exchange
Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant
date on the SEC website):
Prospectus dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement ERN-EI-1 dated January 12, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047560/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to
Royal Bank of Canada.

P-4
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 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 15.00%, a Leverage Factor of 10, the Maximum Redemption Amount of 185.00% of the principal amount, and
assume that a 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 Change:
5%
Payment at Maturity:
$1,000 + ($1,000 x 5% x 10) = $1,000 + $500.00 = $1,500.00
On a $1,000 investment, a 5% Percentage Change results in a Payment at Maturity of $1,500.00, a 50.00% return
on the Notes.

Example 2--
Calculation of the Payment at Maturity where the Percentage Change is positive (and the Payment at Maturity is
subject to the Maximum Redemption Amount).
Percentage Change:
30.00%
Payment at Maturity:
$1,000 + ($1,000 x 30.00% x 10 = $1,000 + $3,000.00 = $4,000.00
However, the Maximum Redemption Amount is $1,850.00
On a $1,000 investment, a 30.00% Percentage Change results in a Payment at Maturity of $1,850.00, an 85.00%
return on the Notes.
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Example 3--
Calculation of the Payment at Maturity where the Percentage Change is negative (but not by more than the Buffer
Percentage).
Percentage Change:
-8%
Payment at Maturity:
At maturity, if the Percentage Change is negative BUT not by more than the Buffer
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.
Example 4--
Calculation of the Payment at Maturity where the Percentage Change is negative (by more than the Buffer
Percentage).
Percentage Change:
-35%
Payment at Maturity:
$1,000 + [$1,000 x (-35% + 15.00%)] = $1,000 - $200.00 = $800.00
On a $1,000 investment, a -35% Percentage Change results in a Payment at Maturity of $800.00, a -20.00% return
on the Notes.

P-5
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 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 1% of the principal amount of your Notes for each 1% that the Final
Level is less than the Initial Level by more than 15.00%.
·
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.
·
Y our Pot e nt ia l Pa ym e nt a t M a t urit y I s Lim it e d The Notes will provide less opportunity to participate in the
appreciation of the Reference Asset than an investment in a security linked to the Reference Asset providing full
participation in the appreciation, because the payment at maturity will not exceed the Maximum Redemption Amount.
Accordingly, your return on the Notes may be less than your return would be if you made an investment in a security
directly linked to the positive performance of the Reference Asset.
·
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
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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
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 for any secondary
market price is expected to be based on the secondary rate rather than the internal

P-6
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023

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.
·
I nc onsist e nt Re se a rc h Royal Bank or its affiliates may issue research reports on securities that are, or may become,
components of the Reference Asset. We may also publish research from time to time on financial markets and other matter
that may influence the levels of the Reference Asset or the value of the Notes, or express opinions or provide
recommendations that may be inconsistent with the purchasing or holding the Notes or with the investment view implicit in
the Notes or the Reference Asset. You should make your own independent investigation of the merits of investing in the
Notes and the Reference Asset.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Re la t ing t o N on -U .S. Se c urit ie s M a rk e t s Because
foreign companies or foreign equity securities included in the Reference Asset are publicly traded in the applicable foreign
countries and are denominated in euro, an investment in the securities involves particular risks. For example, the non-U.S.
securities markets may be more volatile than the U.S. securities markets, and market developments may affect these
markets differently from the U.S. or other securities markets. Direct or indirect government intervention to stabilize the
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securities markets outside the U.S., as well as cross-shareholdings in certain companies, may affect trading prices and
trading volumes in those markets. Also, the public availability of information concerning the foreign issuers may vary
depending on their home jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the
foreign issuers may be subject to accounting, auditing and financial reporting standards and requirements that differ from
those applicable to U.S. reporting companies.
The securities included in the Reference Asset are issued by companies located within the Eurozone, which is and has
been undergoing severe financial stress, and the political, legal and regulatory ramifications are impossible to predict.
Changes within the Eurozone could have a material adverse effect on the performance of the Reference Asset and,
consequently, on the value of the Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s The 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 Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023

I N FORM AT I ON REGARDI N G T H E REFEREN CE 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, STOXX Limited, as the sponsor of the Reference Asset ("STOXX"). STOXX, 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 STOXX 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" Neither we nor RBCCM accepts any responsibility for the calculation, maintenance or publication of the
Reference Asset or any successor index.
The Reference Asset was created by STOXX Limited, a subsidiary of Deutsche Börse AG. Publication of the Reference Asset
began in February 1998, based on an initial index level of 1,000 at December 31, 1991.
Com posit ion a nd M a int e na nc e
The Reference Asset is composed of 50 component stocks of market sector leaders from within the 19 EURO STOXX®
Supersector indices, which represent the Eurozone portion of the STOXX Europe 600® Supersector indices.
The composition of the Reference Asset is reviewed annually, based on the closing stock data on the last trading day in August.
The component stocks are announced on the first trading day in September. Changes to the component stocks are implemented
on the third Friday in September and are effective the following trading day. Changes in the composition of the Reference Asset
are made to ensure that the Reference Asset includes the 50 market sector leaders from within the Reference Asset.
The free float factors for each component stock used to calculate the Reference Asset, as described below, are reviewed,
calculated, and implemented on a quarterly basis and are fixed until the next quarterly review.
The Reference Asset is also reviewed on an ongoing monthly basis. Corporate actions (including initial public offerings, mergers
and takeovers, spin-offs, delistings, and bankruptcy) that affect the Reference Asset composition are announced immediately,
implemented two trading days later and become effective on the next trading day after implementation.
Ca lc ula t ion of t he Re fe re nc e Asse t
The Reference Asset is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component
stocks against a fixed base quantity weight. The formula for calculating the Reference Asset value can be expressed as follows:
Free float market capitalization of the Reference Asset
Reference Asset =
Divisor
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The "free float market capitalization of the Reference Asset" is equal to the sum of the products of the price, the number of shares,
the free float factor and the weighting cap factor for each component stock as of the time the Reference Asset is being calculated.
The Reference Asset is also subject to a divisor, which is adjusted to maintain the continuity of the Reference Asset values across
changes due to corporate actions, such as the deletion and addition of stocks, the substitution of stocks, stock dividends, and stock
splits.

P-8
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023

Lic e nse Agre e m e nt
We have entered into a non-exclusive license agreement with STOXX providing for the license to us and certain of our affiliated or
subsidiary companies, in exchange for a fee, of the right to use indices owned and published by STOXX (including the Reference
Asset) in connection with certain securities, including the Notes offered hereby.
The license agreement between us and STOXX requires that the following language be stated in this document:
STOXX has no relationship to us, other than the licensing of the Reference Asset and the related trademarks for use in connection
with the Notes. STOXX does not:
·
sponsor, endorse, sell, or promote the Notes;
·
recommend that any person invest in the Notes offered hereby or any other securities;
·
have any responsibility or liability for or make any decisions about the timing, amount, or pricing of the Notes;
·
have any responsibility or liability for the administration, management, or marketing of the Notes; or
·
consider the needs of the Notes or the holders of the Notes in determining, composing, or calculating the Reference
Asset, or have any obligation to do so.
STOXX will not have any liability in connection with the Notes. Specifically:
·
STOXX does not make any warranty, express or implied, and disclaims any and all warranty concerning:
·
the results to be obtained by the Notes, the holders of the Notes or any other person in connection with the use of the
Reference Asset and the data included in the Reference Asset;
·
the accuracy or completeness of the Reference Asset and its data;
·
the merchantability and the fitness for a particular purpose or use of the Reference Asset and its data;
·
STOXX will have no liability for any errors, omissions, or interruptions in the Reference Asset or its data; and
·
Under no circumstances will STOXX be liable for any lost profits or indirect, punitive, special, or consequential damages
or losses, even if STOXX knows that they might occur.
The licensing agreement between us and STOXX is solely for their benefit and our benefit, and not for the benefit of the holders of
the Notes or any other third parties.

P-9
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023
https://www.sec.gov/Archives/edgar/data/1000275/000114036118029066/form424b2.htm[6/19/2018 12:30:33 PM]

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 period from January 1, 2013 through June 15, 2018.
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.

P-10
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 2023

EU RO ST OX X 5 0 ® I nde x ("SX 5 E")

Pe riod -End Closing
Pe riod St a rt Da t e
Pe riod End Da t e
H igh I nt ra -Da y Le ve l
Low I nt ra -Da y Le ve l
Le ve l
1/1/2013
3/31/2013
2,754.80
2,563.64
2,624.02
4/1/2013
6/30/2013
2,851.48
2,494.54
2,602.59
7/1/2013
9/30/2013
2,955.47
2,539.15
2,893.15
10/1/2013
12/31/2013
3,116.23
2,891.39
3,109.00

1/1/2014
3/31/2014
3,185.68
2,944.13
3,161.60
4/1/2014
6/30/2014
3,325.50
3,083.43
3,228.24
7/1/2014
9/30/2014
3,301.15
2,977.52
3,225.93
10/1/2014
12/31/2014
3,278.97
2,789.63
3,146.43

1/1/2015
3/31/2015
3,742.42
2,998.53
3,697.38
4/1/2015
6/30/2015
3,836.28
3,374.18
3,424.30
7/1/2015
9/30/2015
3,714.26
2,973.16
3,100.67
10/1/2015
12/31/2015
3,524.04
3,036.17
3,267.52
https://www.sec.gov/Archives/edgar/data/1000275/000114036118029066/form424b2.htm[6/19/2018 12:30:33 PM]

1/1/2016
3/31/2016
3,266.01
2,672.73
3,004.93
4/1/2016
6/30/2016
3,156.86
2,678.27
2,864.74
7/1/2016
9/30/2016
3,101.75
2,742.66
3,002.24
10/1/2016
12/31/2016
3,290.52
2.937.98
3,290.52

1/1/2017
3/31/2017
3,500.93
3,214.31
3,500.93
4/1/2017
6/30/2017
3,666.80
3,407.33
3,441.88
7/1/2017
9/30/2017
3,594.85
3,363.68
3,594.85
10/1/2017
12/31/2017
3,708.82
3,503.20
3,503.96

1/1/2018
3/31/2018
3,687.22
3,261.86
3,361.50
4/1/2018
6/15/2018
3,596.20
3,300.50
3,505.02
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-11
RBC Capital Markets, LLC

Buffered Enhanced Return Notes
Linked to the EURO STOXX 50®
Index, Due June 20, 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." The discussions
below and in the accompanying product prospectus supplement do not address the tax consequences applicable to holders subject
to Section 451(b) of the Code.
Under Section 871(m) of the Code, a "dividend equivalent" payment is treated as a dividend from sources within the United States.
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, the IRS has issued guidance that states that the U.S. Treasury
Department and the IRS intend to amend the effective dates of the U.S. Treasury Department regulations to 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, 2019. 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 the 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.
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 June 20, 2018, which is the third (3rd) business day following
the Pricing Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus dated January 8,
2016. 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.
We will deliver the Notes on a date that is greater than two business days following the Pricing Date. Under Rule 15c6-1 of the
Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such
trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the
original Issue Date will be required to specify alternative arrangements to prevent a failed settlement.
https://www.sec.gov/Archives/edgar/data/1000275/000114036118029066/form424b2.htm[6/19/2018 12:30:33 PM]

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