Obligation Royal Bank of Canada 0% ( US78014J3308 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014J3308 ( en USD )

19/08/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78014J3308 en USD 0%, échue

1 000 USD

2 186 000 USD

78014J330

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 US78014J3308, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/08/2022

8/20/2019
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424B2 1 form424b2.htm UBS TACYN EEM-SX5E 78014J330
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
Dated August 16, 2019
Royal Bank of Canada Trigger Autocal able Contingent Yield Notes
$2,185,600 Notes Linked to the Least Performing Underlying Between the iShares® MSCI Emerging Markets ETF and the EURO
STOXX 50® Index due on August 19, 2022
Investment Description
Trigger Autocal able Contingent Yield Notes (the "Notes") are unsecured and unsubordinated debt securities issued by Royal Bank of Canada linked to the performance of the
least performing of the iShares® MSCI Emerging Markets ETF and the EURO STOXX 50® Index (each, an "Underlying," and together, the "Underlyings"). We wil pay a
quarterly Contingent Coupon payment if the closing values of both Underlyings on the applicable Coupon Observation Date are equal to or greater than their respective
Coupon Barriers. Otherwise, no coupon wil be paid for that quarter. We wil automatical y cal the Notes early if the closing values of both Underlyings on any quarterly Cal
Observation Date (beginning after six months) are equal to or greater than their respective Initial Levels. If the Notes are cal ed, we wil pay you the principal amount of your
Notes plus the Contingent Coupon for the applicable quarter, and no further amounts wil be owed to you under the Notes. If the Notes are not cal ed prior to maturity and the
Final Levels of both Underlyings are equal to or greater than their respective Downside Thresholds (which are the same levels as their respective Coupon Barriers), we wil pay
you a cash payment at maturity equal to the principal amount of your Notes plus the Contingent Coupon for the final quarter. However, if the Final Level of the Underlying with
the lowest percentage change from its Initial Level (the "Least Performing Underlying") is less than its Downside Threshold, we wil pay you less than the ful principal amount, if
anything, resulting in a loss on your initial investment that is proportionate to the negative performance of the Least Performing Underlying over the term of the Notes, and you
may lose up to 100% of your initial investment. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
Investing in the Notes involves significant risks. You will not receive a coupon for any Coupon Observation Date on which either Underlying closes below its
Coupon Barrier. The Notes will not be automatically called if either Underlying closes below its Initial Level on a quarterly Call Observation Date. You may lose
some or all of your principal amount if the Least Performing Underlying closes below its Downside Threshold, regardless of the performance of the other
Underlying. The contingent repayment of principal only applies if you hold the Notes until maturity. Generally, the higher the Contingent Coupon Rate on a
security, the greater the risk of loss. Any payment on the Notes, including any repayment of principal, is subject to our creditworthiness. If we were to default on
our payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. The Notes will not be listed on
any securities exchange.
Features
Key Dates

Contingent Coupon -- We will pay a quarterly Contingent Coupon payment if the closing
Trade Date
August 16, 2019
values of both Underlyings on the applicable Coupon Observation Date are equal to or
greater than their respective Coupon Barriers. Otherwise, no coupon will be paid for the
Settlement Date
August 21, 2019
quarter.
Coupon Observation Dates1
Quarterly (see page 6)

Automatically Callable -- We will automatically call the Notes and pay you the principal
Cal Observation Dates1
Quarterly (cal able after six
amount of your Notes plus the Contingent Coupon otherwise due for the applicable quarter if
months) (see page 6)
the closing values of both Underlyings on any quarterly Call Observation Date (beginning
after six months) are greater than or equal to their respective Initial Levels. If the Notes are
Final Valuation Date1
August 16, 2022
not called, investors will have the potential for downside equity market risk at maturity.

Contingent Repayment of Principal at Maturity -- If by maturity the Notes have not been
Maturity Date1
August 19, 2022
called and the value of each Underlying does not close below its Downside Threshold on the
1
Subject to postponement if a market disruption event occurs,
Final Valuation Date, we will repay your principal amount per Note at maturity. However, if
as described under "General Terms of the Notes -- Payment
the closing value of the Least Performing Underlying is less than its Downside Threshold on
at Maturity" in the accompanying product prospectus
the Final Valuation Date, we will pay less than the principal amount, if anything, resulting in a
supplement no. UBS-TACYN-1.
loss on your initial investment that is proportionate to the decline in the value of the Least
Performing Underlying from the trade date to the Final Valuation Date. The contingent
repayment of principal only applies if you hold the Notes until maturity. Any payment on the
Notes, including any repayment of principal, is subject to our creditworthiness.
NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT NECESSARILY
OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE
LEAST PERFORMING UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING OUR DEBT OBLIGATION. YOU
SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN
THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ``KEY RISKS'' BEGINNING ON PAGE 7, THE RISKS DESCRIBED UNDER "RISK FACTORS"
BEGINNING ON PAGE PS-5 OF THE PRODUCT PROSPECTUS SUPPLEMENT NO. UBS-TACYN-1 AND UNDER ``RISK FACTORS'' BEGINNING ON PAGE S-1 OF THE
PROSPECTUS SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES,
COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN
THE NOTES.
Note Offering

This pricing supplement relates to Trigger Autocal able Contingent Yield Notes we are offering linked to the least performing Underlying between the iShares® MSCI Emerging
Markets ETF and the EURO STOXX 50® Index. The Notes wil be issued in minimum denominations of $10.00, and integral multiples of $10.00 in excess thereof, with a
minimum investment of $1,000.
Underlyings (Least
Contingent
Performing of)
Tickers
Coupon Rate
Initial Levels
Downside Thresholds*
Coupon Barriers*
CUSIP
ISIN
iShares® MSCI Emerging
EEM
$27.68, which is 70%
Markets ETF (EEM)
$39.54
$27.68, which is 70% of
its Initial Level
of its Initial Level
7.60% per annum
78014J330
US78014J3308
EURO STOXX 50® Index
SX5E
2,330.36, which is 70%
(SX5E)
3,329.08
2,330.36, which is 70% of
its Initial Level
of its Initial Level
*Rounded to two decimal places.
See "Additional Information About Royal Bank of Canada and the Notes" in this pricing supplement. The Notes will have the terms specified in the prospectus
dated September 7, 2018, the prospectus supplement dated September 7, 2018, product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018 and this
pricing supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy
of this pricing supplement or the accompanying prospectus, prospectus supplement and product prospectus supplement no. UBS-TACYN-1. Any representation to the contrary
is a criminal offense.

Price to Public
Fees and Commissions(1)
Proceeds to Us
Offering of the Notes
Total
Per Note
Total
Per Note
Total
Per Security
Notes linked to the Least Performing Underlying Between the
iShares® MSCI Emerging Markets ETF and the EURO STOXX 50®
$2,185,600
$10.00
$43,712
$0.20
$2,141,888
$9.80
Index
(1) UBS Financial Services Inc., which we refer to as UBS, wil receive a commission of $0.20 per $10 in principal amount. See "Supplemental Plan of Distribution (Conflicts of
Interest)" below.
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The initial estimated value of the Notes as of the trade date was $9.6706 per $10 in principal amount, which is less than the price to public. The actual value of the Notes at any
time wil reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated value under "Key
Risks," "Supplemental Plan of Distribution (Conflicts of Interest)" and "Structuring the Notes" below.
The Notes wil not constitute deposits insured under the Canada Deposit Insurance Corporation Act or by the United States Federal Deposit Insurance Corporation or any other
Canadian or United States government agency or instrumentality.

UBS Financial Services Inc.
RBC Capital Markets, LLC

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Additional Information About Royal Bank of Canada and the Notes
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus supplement
dated September 7, 2018, relating to our Series H medium-term notes of which these Notes are a part, and the more detailed information
contained in product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018. This pricing supplement, together with the
documents listed below, contains the terms of the Notes and supersedes all other 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, fact sheets, brochures or other educational materials of ours. You should careful y consider, among
other things, the matters set forth in "Risk Factors" in the accompanying product prospectus supplement no. UBS-TACYN-1, as the Notes
involve risks not associated with conventional debt securities.
If the terms discussed in this pricing supplement differ from those discussed in the product prospectus supplement no. UBS-TACYN-1, the
prospectus supplement, or the prospectus, the terms discussed herein wil control. In particular, please see the section below, "Additional Terms
of Your Notes Relating to the SX5E," which provides additional information about potential events impacting the SX5E.
You may access these on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filing for the
relevant date on the SEC website):

Product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018:

https://www.sec.gov/Archives/edgar/data/1000275/000114036118040006/form424b5.htm

Prospectus supplement dated September 7, 2018:

https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm

Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm

As used in this pricing supplement, "we," "us" or "our" refers to Royal Bank of Canada.

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Investor Suitability
The Notes may be suitable for you if, among other
The Notes may not be suitable for you if, among other
considerations:
considerations:

You fully understand the risks inherent in an investment in

You do not fully understand the risks inherent in an
the Notes, including the risk of loss of your entire initial
investment in the Notes, including the risk of loss of your
investment.
entire initial investment.

You can tolerate a loss of all or a substantial portion of your

You cannot tolerate a loss on your investment and require
investment and are willing to make an investment that may
an investment designed to provide a full return of principal at
have the same downside market risk as an investment in the
maturity.
securities represented by the Least Performing Underlying.

You are not willing to make an investment that may have the

You believe the closing values of both Underlyings will be
same downside market risk as an investment in the Least
equal to or greater than their respective Coupon Barriers on
Performing Underlying.
most or all of the Coupon Observation Dates (including the
Final Valuation Date).

You believe that the value of either Underlying will decline
during the term of the Notes and is likely to close below its

You are willing to make an investment whose return is
Coupon Barrier on most or all of the Coupon Observation
limited to the applicable Contingent Coupon payments,
Dates and below its Downside Threshold on the Final
regardless of any potential appreciation of the Underlyings,
Valuation Date.
which could be significant.

You seek an investment that participates in the full

You do not seek guaranteed current income from this
appreciation in the values of the Underlyings or that has
investment and are willing to forgo the dividends paid on the
unlimited return potential.
equity securities represented by the Underlyings.

You cannot tolerate fluctuations in the price of the Notes

You can tolerate fluctuations in the price of the Notes prior to
prior to maturity that may be similar to or exceed the
maturity that may be similar to or exceed the downside
downside fluctuations of the Least Performing Underlying.
fluctuations of the Underlyings.

You are unwilling to invest in the Notes based on the

You are willing to invest in Notes for which there may be little
Contingent Coupon Rate set forth on the cover page of this
or no secondary market and you accept that the secondary
pricing supplement.
market will depend in large part on the price, if any, at which
RBC Capital Markets, LLC, which we refer to as "RBCCM,"

You do not understand or accept the risks associated with
is willing to purchase the Notes.
the Underlyings.

You are willing to invest in the Notes based on the

You are unwilling to accept individual exposure to each
Contingent Coupon Rate set forth on the cover page of this
Underlying and that the performance of the Least Performing
pricing supplement.
Underlying will not be offset or mitigated by the performance
of the other Underlying.

You are willing to accept individual exposure to each
Underlying and that the performance of the Least Performing

You seek guaranteed current income from this investment or
Underlying will not be offset or mitigated by the performance
prefer to receive the dividends paid on the equity securities
of the other Underlying.
represented by the Underlyings.

You understand and accept the risks associated with the

You are unable or unwilling to hold securities that may be
Underlyings.
called early, or you are otherwise unable or unwilling to hold
such securities to maturity or you seek an investment for

You are willing to invest in securities that may be called early
which there will be an active secondary market for the
and you are otherwise willing to hold such securities to
Notes.
maturity.

You are not willing to assume our credit risk for all payments

You are willing to assume our credit risk for all payments
under the Notes, including any repayment of principal.
under the Notes, and understand that if we default on our
obligations, you may not receive any amounts due to you,
including any repayment of principal.

The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances, and you should reach an investment decision only after you and your
investment, legal, tax, accounting, and other advisers have carefully considered the suitability of an investment in the Notes in
light of your particular circumstances. You should also review carefully the "Key Risks" below and "Risk Factors" in the
accompanying product prospectus supplement no. UBS-TACYN-1 for risks related to an investment in the Notes. In addition,
you should review carefully "Information About the Underlyings" below for more information about the Underlyings.

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Final Terms of the Notes1

Threshold:
page (as may be adjusted in the case of certain
adjustment events affecting the EEM as
Issuer:
Royal Bank of Canada
described under "General Terms of the Notes --
Principal
$10 per Note
Anti-dilution Adjustments" in the product
Amount per
prospectus supplement). The Downside
Note:
Threshold equals the Coupon Barrier.
Term:
Approximately three years, if not previously
Automatic
The Notes will be called automatically if the
called
Call
closing values of both Underlyings on any Call
Underlyings:
The iShares® MSCI Emerging Markets ETF
Feature:
Observation Date (beginning after six months
("EEM") and the EURO STOXX 50® Index
and set forth on page 6) are greater than or
("SX5E") (each, an "Underlying")
equal to their respective Initial Levels.
If the Notes are called, we will pay you on the
Closing
With respect to the EEM, on any trading day, the
corresponding Coupon Payment Date (which will
Value:
last reported sale price on the principal national
be the "Call Settlement Date") a cash payment
securities exchange in the U.S. on which it is
per Note equal to the principal amount per Note
listed for trading; as to the SX5E, its closing level
plus the applicable Contingent Coupon payment
on any trading day.
otherwise due on that day (the "Call Settlement
Initial Level:
With respect to the EEM, its closing price on the
Amount"). No further amounts will be owed to
trade date, and as to the SX5E, its closing level
you under the Notes.
on the trade date, each as indicated on the
Payment at
If the Notes are not called and the Final Levels
cover page.
Maturity:
of both Underlyings are equal to or greater than
their respective Downside Thresholds and the
Final Level:
With respect to the EEM, its closing price on the
Coupon Barriers, we will pay you a cash
Final Valuation Date; as to the SX5E, its closing

payment per Note on the maturity date equal to
level on the Final Valuation Date.
$10 plus the Contingent Coupon otherwise due
Contingent
If the closing values of both Underlyings are
on the maturity date.
Coupon:
equal to or greater than their respective Coupon
If the Notes are not called and the Final Level of
Barriers on any Coupon Observation Date, we
the Least Performing Underlying is less than its
will pay you the Contingent Coupon applicable to
Downside Threshold, we will pay you a cash
that Coupon Observation Date.
payment on the maturity date of less than the
If the closing value of either Underlying is
principal amount, if anything, resulting in a loss
less than its Coupon Barrier on any Coupon
on your initial investment that is proportionate to
Observation Date, the Contingent Coupon
the negative Underlying Return of the Least
applicable to that Coupon Observation Date
Performing Underlying, equal to:
will not accrue or be payable, and we will not
$10.00 + ($10.00 × Underlying Return of the
make any payment to you on the relevant
Least Performing Underlying)
Contingent Coupon Payment Date.
The Contingent Coupon is a fixed amount based
Least
The Underlying with the lowest Underlying
upon equal quarterly installments at the
Performing
Return.
Contingent Coupon Rate, which is a per annum
Underlying:
rate as set forth below.
Underlying
With respect to each Underlying,
Contingent Coupon payments on the Notes are not
Return:
Final Level Initial Level
guaranteed. We will not pay you the Contingent Coupon for
Initial Level
any Coupon Observation Date on which the closing value of
either Underlying is less than its Coupon Barrier.
Contingent
7.60% per annum (1.90% per quarter)
Coupon
Rate:
Coupon
With respect to each Underlying, 70% of its
Barrier:
Initial Level, as indicated on the cover page (as
may be adjusted in the case of certain
adjustment events affecting the EEM as
described under "General Terms of the Notes --
Anti-dilution Adjustments" in the product
prospectus supplement). The Coupon Barrier
equals the Downside Threshold.
Downside
With respect to each Underlying, 70% of its

Initial Level, as indicated on the cover

1 Terms used in this pricing supplement, but not defined herein, shall have the
meanings ascribed to them in the product prospectus supplement.

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Investment Timeline

The Initial Level, Downside Threshold and

Trade Date
Coupon Barrier of each Underlying were
determined. The Contingent Coupon Rate
was set.

If the closing values of both Underlyings
are equal to or greater than their
respective Coupon Barriers on any
Coupon Observation Date, we wil pay
you a Contingent Coupon payment on the
Quarterly
applicable Coupon Payment Date.
(beginning
The Notes wil be cal ed if the closing
after six
values of both Underlyings on any Cal
months):
Observation Date (beginning after six
months) are equal to or greater than their
respective Initial Levels. If the Notes are
cal ed, we wil pay you a cash payment
per Note equal to $10 plus the Contingent
Coupon otherwise due on that date.

The Final Level of each Underlying is
observed on the Final Valuation Date.
If the Notes have not been cal ed and the
Final Levels of both Underlyings are
equal to or greater than their respective
Downside Thresholds (and their
Maturity Date:
respective Coupon Barriers), we wil
repay the principal amount equal to $10
per Note plus the Contingent Coupon
otherwise due on the maturity date.
If the Notes have not been cal ed and the
Final Level of the Least Performing
Underlying is less than its Downside

Threshold, we wil pay less than the
principal amount, if anything, resulting in
a loss on your initial investment
proportionate to the decline of the Least

Performing Underlying, for an amount
equal to:
$10 + ($10 × Underlying Return of the
Least Performing Underlying) per Note

INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT. YOU
WILL BE EXPOSED TO THE MARKET RISK OF EACH UNDERLYING ON EACH COUPON OBSERVATION DATE AND ON THE FINAL
VALUATION DATE, AND ANY DECLINE IN THE VALUE OF ONE UNDERLYING MAY NEGATIVELY AFFECT YOUR RETURN AND WILL
NOT BE OFFSET OR MITIGATED BY A LESSER DECLINE OR ANY POTENTIAL INCREASE IN THE VALUE OF THE OTHER
UNDERLYING. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO OUR
CREDITWORTHINESS. IF WE WERE TO DEFAULT ON OUR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED
TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

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Coupon Observation Dates and Coupon Payment Dates*

Coupon Observation Dates
Coupon Payment Dates
November 18, 2019
November 20, 2019
February 18, 2020(1)
February 20, 2020(2)
May 18, 2020(1)
May 20, 2020(2)
August 17, 2020(1)
August 19, 2020(2)
November 16, 2020(1)
November 18, 2020(2)
February 16, 2021(1)
February 18, 2021(2)
May 17, 2021(1)
May 19, 2021(2)
August 16, 2021(1)
August 18, 2021(2)
November 16, 2021(1)
November 18, 2021(2)
February 16, 2022(1)
February 18, 2022(2)
May 16, 2022(1)
May 18, 2022(2)
August 16, 2022(3)
August 19, 2022(4)

(1)
These Coupon Observation Dates are also Cal Observation Dates.

(2)
These Coupon Payment Dates are also Cal Settlement Dates.

(3)
This is also the Final Valuation Date.

(4)
This is also the maturity date.
* Expected. Subject to postponement if a market disruption event occurs, as described under "General Terms of the Securities -- Payment at
Maturity" in the accompanying product prospectus supplement no. UBS-TACYN-1.

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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the
Underlyings or the securities represented by the Underlyings. These risks are explained in more detail in the "Risk Factors"
section of the accompanying product prospectus supplement no. UBS-TACYN-1. We also urge you to consult your
investment, legal, tax, accounting and other advisors before investing in the Notes.

Risk of Loss at Maturity -- The Notes differ from ordinary debt securities in that we wil not necessarily repay the
ful principal amount of the Notes at maturity. If the Notes are not cal ed, we wil repay you the principal amount of
your Notes in cash only if the Final Level of each Underlying is greater than or equal to its Downside Threshold,

and we wil only make that payment at maturity. If the Notes are not cal ed and the Final Level of the Least
Performing Underlying is less than its Downside Threshold, you wil lose some or al of your initial investment in an
amount proportionate to the decline in the value of the Least Performing Underlying.

The Contingent Repayment of Principal Applies Only at Maturity -- If the Notes are not automatical y cal ed,
you should be wil ing to hold your Notes to maturity. If you are able to sel your Notes prior to maturity in the

secondary market, if any, you may have to do so at a loss relative to your initial investment, even if the values of
both Underlyings are above their respective Downside Thresholds.

You May Not Receive any Contingent Coupons -- We wil not necessarily make periodic Contingent Coupon
payments on the Notes. If the closing values of one or both Underlyings on a Coupon Observation Date is less
than their respective Coupon Barriers, we wil not pay you the Contingent Coupon applicable to that Coupon
Observation Date. If the closing value of at least one Underlying is less than its Coupon Barrier on each of the

Coupon Observation Dates, we wil not pay you any Contingent Coupons during the term of, and you wil not
receive a positive return on, your Notes. General y, 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 wil incur a loss of principal, because the Final Level of the Least Performing Underlying wil be
less than its Downside Threshold.

The Call Feature and the Contingent Coupon Feature Limit Your Potential Return -- The return potential of
the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the
Underlyings. In addition, the total return on the Notes wil vary based on the number of Coupon Observation Dates
on which the Contingent Coupon becomes payable prior to maturity or an automatic cal . Further, if the Notes are
cal ed due to the automatic cal feature, you wil not receive any Contingent Coupons or any other payment in
respect of any Coupon Observation Dates after the applicable Cal Settlement Date. Since the Notes could be
cal ed as early as the first Cal Observation Date, the total return on the Notes could be limited to six months. If

the Notes are not cal ed, you may be subject to the ful downside performance of the Least Performing Underlying,
even though your potential return is limited to the Contingent Coupon Rate. General y, the longer the Notes are
outstanding, the less likely it is that they wil be automatical y cal ed due to the decline in the values of the
Underlyings and the shorter time remaining for the values of the Underlyings to recover. As a result, the return on
an investment in the Notes could be less than the return on a direct investment in the securities represented by the
Underlyings or on a similar security that al ows you to participate in the appreciation of the values of the
Underlyings.

The Contingent Coupon Rate Per Annum Payable on the Notes Will Reflect in Part the Volatility of the
Underlyings, and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity -- "Volatility"
refers to the frequency and magnitude of changes in the values of the Underlyings. The greater the volatility of the
Underlyings, the more likely it is that the value of either Underlying could close below its Downside Threshold on
the Final Valuation Date. This risk wil general y be reflected in a higher Contingent Coupon Rate for the Notes
than the rate payable on our conventional debt securities with a comparable term. In addition, lower correlation

between the Underlyings can also indicate a greater likelihood of one Underlying closing below its Coupon Barrier
or Downside Threshold on a Coupon Observation Date or Final Valuation Date. This greater risk wil also be
reflected in a higher Contingent Coupon Rate than on a security linked to Underlyings with a greater degree of
correlation. However, while the Contingent Coupon Rate was set on the trade date, the Underlyings' volatility and
correlation can change significantly over the term of the Notes, and may increase. The values of one or both of the
Underlyings could fal sharply as of the Final Valuation Date, which could result in missed Contingent Coupon
payments and a significant loss of your principal.

Reinvestment Risk -- The Notes wil be cal ed automatical y if the closing values of both Underlyings are equal to
or greater than their respective Initial Levels on any Cal Observation Date. If the Notes are cal ed prior to maturity,

there is no guarantee that you wil be able to reinvest the proceeds from an investment in the Notes at a
comparable rate of return for a similar level of risk. To the extent you are able to reinvest your proceeds in an

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investment comparable to the Notes, you wil incur transaction costs and the original issue price for such an
investment is likely to include certain built in costs such as dealer discounts and hedging costs.

The Notes Are Subject to Our Credit Risk -- The Notes are subject to our credit risk, and our credit ratings and
credit spreads may adversely affect the market value of the Notes. Investors are dependent on our ability to pay al
amounts due on the Notes, and therefore investors are subject to our credit risk and to changes in the market's

view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the
market for taking our credit risk is likely to adversely affect the value of the Notes. If we were to default on our
payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your
entire investment.

The Notes Will be Subject to Risks, Including Non-Payment in Full, Under Canadian Bank Resolution
Powers -- Under Canadian bank resolution powers, the Canada Deposit Insurance Corporation ("CDIC") may, in
circumstances where we have ceased, or are about to cease, to be viable, assume temporary control or ownership
over us and may be granted broad powers by one or more orders of the Governor in Council (Canada), including

the power to sel or dispose of al or a part of our assets, and the power to carry out or cause us to carry out a
transaction or a series of transactions the purpose of which is to restructure our business. See Description of Debt
Securities Canadian Bank Resolution Powers" in the accompanying prospectus for a description of the
Canadian bank resolution powers, including the bail-in regime. If the CDIC were to take action under the Canadian
bank resolution powers with respect to us, holders of the Notes could be exposed to losses.

The Initial Estimated Value of the Notes Is Less than the Price to the Public -- The initial estimated value for
the Notes that is set forth on the cover page of this pricing supplement is less than the public offering price you pay
for the Notes and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be
wil ing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sel 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 values of the Underlyings, the borrowing rate we pay to issue
securities of this kind, and the inclusion in the price to public of the underwriting discount and our estimated profit
and the 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 sel the

Notes in any secondary market and wil 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 sel your Notes prior to maturity may be less than the price to public, as any such sale price would not be
expected to include the underwriting discount and our estimated profit and the costs relating to our hedging of the
Notes. In addition, any price at which you may sel the Notes is likely to reflect customary bid-ask spreads for
similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is
expected to be based on a secondary market rate rather than the internal borrowing rate used to price the Notes
and determine the initial estimated value. As a result, the secondary market price wil be less than if the internal
borrowing rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you
should be able and wil ing to hold your Notes to maturity.

Our Initial Estimated Value of the Notes Is an Estimate Only, Calculated as of the Time the Terms of the
Notes Were Set -- 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 wil 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 material y from the initial estimated
value of your Notes and the amount that may be paid at maturity.

Owning the Notes Is Not the Same as Owning the Securities Represented by the Underlyings -- The return
on your Notes may not reflect the return you would realize if you actual y owned shares of the EEM or the

securities represented by the Underlyings. As a holder of the Notes, you wil not have voting rights or rights to
receive dividends or other distributions or other rights that holders these securities would have, and any such
dividends wil not be incorporated in the determination of the Underlying Return for either Underlying.

You Will Not Have Any Shareholder Rights and Will Have No Right to Receive Any Securities at Maturity --
Investing in the Notes wil not make you a holder of any shares of the EEM or any securities represented by the

Underlyings. Neither you nor any other holder or owner of the Notes wil have any voting rights, any right to
receive dividends or other distributions, or any other rights with respect to such securities.

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Changes That Affect the Applicable Indices Will Affect the Market Value of the Notes and the Amount You
Will Receive at Maturity -- The policies of the index sponsors concerning the calculation of the EEM's underlying
index or the SX5E, additions, deletions or substitutions of the components of these indices and the manner in
which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected

in these indices and, therefore, could affect the values of the Underlyings, the amount payable on the Notes, and
the market value of the Notes prior to maturity. The amount payable on the Notes and their market value could
also be affected if an index sponsor changes these policies, for example, by changing the manner in which it
calculates the applicable index, or if an index sponsor discontinues or suspends the calculation or publication of
the applicable index.

We Have No Affiliation with Any Index Sponsor and Will Not Be Responsible for Its Actions -- The
sponsors of the EEM's underlying index and of the SX5E are not affiliates of ours and wil not be involved in the
offering of the Notes in any way. Consequently, we have no control over the actions of these sponsors, including

any actions of the type that would require the calculation agent to adjust the payment to you at maturity. These
sponsors have no obligation of any sort with respect to the Notes. Thus, these sponsors have no obligation to take
your interests into consideration for any reason, including in taking any actions that might affect the value of the
Notes. None of our proceeds from the issuance of the Notes wil be delivered to these sponsors.

Adjustments to the EEM Could Adversely Affect the Notes -- Blackrock, Inc. ("Blackrock"), in its role as the
sponsor of the EEM, is responsible for calculating and maintaining the EEM. Blackrock can add, delete or
substitute the stocks comprising the EEM or make other methodological changes that could change the share

prices of the EEM at any time. If one or more of these events occurs, the calculation of the amount payable at
maturity may be adjusted to reflect such event or events. Consequently, any of these actions could adversely
affect the amounts payable on the Notes and/or the market value of the Notes.

We and Our Affiliates Do Not Have Any Affiliation With the Investment Advisor of the EEM and Are Not
Responsible for Its Public Disclosure of Information -- We and our affiliates are not affiliated with Blackrock in
any way and have no ability to control or predict its actions, including any errors in or discontinuance of disclosure
regarding its methods or policies relating to the EEM. Blackrock is not involved in the offering of the Notes in any

way and has no obligation to consider your interests as an owner of the Notes in taking any actions relating to the
EEM that might affect the value of the Notes. Neither we nor any of our affiliates has independently verified the
adequacy or accuracy of the information about Blackrock or the EEM contained in any public disclosure of
information. You, as an investor in the Notes, should make your own investigation into the EEM.

The Correlation Between the Performance of the EEM and the Performance of its Underlying Index May Be
Imperfect -- The performance of the EEM is linked principal y to the performance of its underlying index.
However, because of the potential discrepancies identified in more detail in the product prospectus supplement,

the return on the EEM may correlate imperfectly with the return on its underlying index. Further, the performance
of the EEM may not exactly replicate the performance of its underlying index, because the EEM wil reflect
transaction costs and fees that are not included in the calculation of its underlying index.
During periods of market volatility, securities underlying the EEM may be unavailable in the secondary market,
market participants may be unable to calculate accurately the net asset value per share of the EEM and the
liquidity of the EEM may be adversely affected. This kind of market volatility may also disrupt the ability of market
participants to create and redeem shares of the EEM. Further, market volatility may adversely affect, sometimes
material y, the prices at which market participants are wil ing to buy and sel shares of the EEM. As a result, under
these circumstances, the market value of shares of the EEM may vary substantial y from the net asset value per
share of that Underlying. For al of the foregoing reasons, the performance of the EEM may not correlate with the
performance of its underlying index as wel as its net asset value per share, which could material y and adversely
affect the value of the Notes in the secondary market and/or reduce your payment at maturity.

Historical Values of any Underlying Should Not Be Taken as an Indication of its Future Value During the
Term of the Notes -- The trading values of the Underlyings wil determine the value of the Notes at any given

time. As it is impossible to predict whether the value of any Underlying wil rise or fal , and trading prices of the
common stocks represented by the Underlyings wil be influenced by complex and interrelated political, economic,
financial and other factors that can affect the issuers of those stocks, and therefore, the value of the Underlyings.

Management Risk -- The EEM is not managed according to traditional methods of ` active' investment
management, which involve the buying and sel ing of securities based on economic, financial and market analysis
and investment judgment. Instead, the EEM, utilizing a ` passive' or indexing investment approach, attempt to

approximate the investment performance of its underlying index by investing in a portfolio of securities that
general y replicate its underlying index. Therefore, unless a specific security is removed from its underlying index,
the EEM general y would not sel a security because the security's issuer was in financial trouble. In addition, the

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