Obligation Royal Bank of Canada 5% ( US78014RBV15 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014RBV15 ( en USD )

5% par an ( paiement semestriel )

27/12/2034

Prospectus brochure de l'obligation Royal Bank of Canada US78014RBV15 en USD 5%, échéance 27/12/2034

1 000 USD

1 600 000 USD

78014RBV1

AA- ( Haute qualité )

Aa1 ( Haute qualité )

27/06/2025 ( Dans 64 jours )

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 US78014RBV15, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 27/12/2034

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RBV15, a été notée Aa1 ( Haute qualité ) par l'agence de notation Moody's.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RBV15, a été notée AA- ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 form424b2.htm LEVERAGED STEEPENER 78014RBV1
File d Pursua nt t o Rule 4 2 4 (b)(2 )
RBC Ca pit a l M a rk e t s®
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
$1,600,000
Dated December 20, 2019
Redeemable Leveraged Steepener Notes,
Due December 27, 2034
To the Product Prospectus Supplement FIN-1 Dated September
Royal Bank of Canada
20, 2018, and the Prospectus and Prospectus Supplement,
each dated September 7, 2018

Royal Bank of Canada is offering the Redeemable Leveraged Steepener Notes (the "Notes") described below.
The CUSIP number for the Notes is 78014RBV1. The Notes will not be listed on any securities exchange.
The Notes will pay interest annually, on the 27th day of December of each year, commencing on December 27, 2020. During the
first two years of their term, the interest rate on the Notes is fixed. After the first two years of their term, the amount of interest
payable on the Notes will depend on the Reference Rate. The Reference Rate (as defined in more detail below) will be equal to
the difference between the 30 year CMS rate and the 5 year CMS rate. Interest will accrue at the following rates during the
indicated years of the term of the Notes:
·
Years 1-2:
4.00%
·
Years 3-15:
The Reference Rate multiplied by 10; provided that the interest rate will never be less than
0.00% or greater than 5.00% per annum.
The Notes will be automatically redeemed in whole, but not in part, on the Interest Payment Date occurring in December 2022, or
on any annual Interest Payment Date thereafter, if we determine that a Target Early Redemption Event will occur on that date. As
discussed in more detail below, a Target Early Redemption Event will occur if the amount of interest to be paid on an Interest
Payment Date, taken together with all prior interest payments, will exceed a total return of 13% of the principal amount of the
Notes.
Investing in the Notes involves a number of risks. See "Risk Factors" on page P-8 of this pricing supplement, "Additional Risk
Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated September 20, 2018
and "Risk Factors" beginning 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 (the "SEC") 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.
The initial estimated value of the Notes as of the date of this pricing supplement is $955.80 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 has offered the Notes at varying public offering prices, and will purchase the Notes from us on the Issue
Date at a purchase price that is 99.25% of the principal amount. See "Supplemental Plan of Distribution (Conflicts of Interest)"
below.
We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on December 27, 2019,
against payment in immediately available funds.
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RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
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 FIN-1, the prospectus supplement, and the prospectus.
Issuer:
Royal Bank of Canada ("Royal Bank")
Underwriter:
RBC Capital Markets, LLC
Currency:
U.S. Dollars
Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess of $1,000
Pricing Date:
December 20, 2019
Issue Date:
December 27, 2019
Maturity Date:
December 27, 2034
Interest Rate:
Years 1-2:
4.00%

Years 3-15: The Reference Rate multiplied by 10; provided that the interest rate will never be less
than 0.00% or greater than 5.00% per annum.
Reference Rate:
High-Side Reference Rate minus Low-Side Reference Rate.
High-Side Reference
The 30-Year U.S. Dollar ICE Swap Rate (which we refer to as the "30 Year CMS Rate"), as reported on
Rate:
Reuters Page ICESWAP1 or any successor page thereto at 11:00 am New York time on the applicable
Interest Determination Date.
Low-Side Reference
The 5-Year U.S. Dollar ICE Swap Rate (which we refer to as the "5 Year CMS Rate"), as reported on
Rate:
Reuters Page ICESWAP1 or any successor page thereto at 11:00 am New York time on the applicable
Interest Determination Date.
Type of Note:
The Notes are called a "Leveraged Steepener Note" because, from the beginning of year 3 until the
Maturity Date or early redemption, as the case may be, the Notes bear a variable rate of interest at a
"leveraged," or multiplied, rate, subject to a maximum interest rate, if the High-Side Reference Rate
exceeds the Low-Side Reference Rate. If the High-Side Reference Rate does not exceed the Low-Side
Reference Rate, interest will accrue at the rate of 0.00% for that interest period. FOR EV ERY
I N T EREST PERI OD T H AT T H E H I GH -SI DE REFEREN CE RAT E DOES N OT EX CEED T H E
LOW-SI DE REFEREN CE RAT E, Y OU WI LL N OT RECEI V E A COU PON PAY M EN T .
Interest Determination
The day that is five U.S. government securities settlement days prior to each applicable Interest Payment
Dates:
Date, beginning in the third year of the term of the Notes. A "U.S. government securities settlement day"
is any day except a Saturday, a Sunday, or a day on which The Securities Industry and Financial
Markets Association (or any successor thereto) recommends that the fixed income departments of its
members be closed for the entire day for purposes of trading in U.S. government securities.
Interest Payment
Annually, in arrears, on the 27th day of each year, commencing on December 27, 2020 and ending on
Dates:
the Maturity Date. If any Interest Payment Date is not a New York or London business day, interest will
be paid on the next New York or London business day as discussed in the prospectus supplement,
without adjustment for period end dates and no additional interest will be paid in respect of the
postponement.

P-2
RBC Capital Markets, LLC
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Redeemable Leveraged Steepener Notes,
Due December 27, 2034
Automatic
If the Calculation Agent determines that the Total Aggregate Rate will be greater than or equal to the
Redemption:
Target Rate (a "Target Early Redemption Event") on the upcoming Interest Payment Date, the Notes will
be automatically redeemed (in whole but not in part) on that Interest Payment Date.
If a Target Early Redemption Event has occurred, the Notes will be automatically redeemed on the
relevant Interest Payment Date, and we will have no further obligations with respect to the Notes, except
for the obligation to make the payment of principal and accrued but unpaid interest due on that day. For
the avoidance of doubt, no interest will be payable with respect to any period after the Notes are
automatically redeemed.
Total Aggregate Rate:
The Aggregate Rate plus the interest payment per $1,000 in principal amount of the Notes that will be
paid on the upcoming Interest Payment Date.
Aggregate Rate:
The sum of the interest payments per $1,000 in principal amount of the Notes that have been previously
paid on the Notes.
Target Rate:
13.00% of the principal amount.
Survivor's Option:
Not Applicable
Minimum Investment:
$1,000 (except for certain non-U.S. investors for whom the minimum investment will be higher)
U.S. Tax Treatment:
The Notes will be treated as debt instruments for U.S. federal income tax purposes. We intend to take
the position that the Notes will be treated as contingent payment debt instruments. Please see the
discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus
supplement FIN-1 dated September 20, 2018 under the "Supplemental Discussion of U.S. Federal
Income Tax Consequences" and specifically the discussion under "Supplemental Discussion of U.S.
Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of your
notes will exceed one year--Leveraged Steepener Notes," and under "Supplemental Discussion of U.S.
Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of your
notes will exceed one year--Rules Applicable to Notes Treated as Contingent Payment Debt Instruments
for Tax Purposes," which apply to your Notes."
The accompanying product prospectus supplement notes that FATCA withholding on payments of gross
proceeds from a sale or redemption of the Notes will only apply to payments made after December 31,
2018. That discussion is modified to reflect regulations proposed by the U.S. Treasury Department in
December 2018 indicating an intent to eliminate the requirement under FATCA of withholding on gross
proceeds of the disposition of financial instruments. The U.S. Treasury Department has indicated that
taxpayers may rely on these proposed regulations pending their finalization. Prospective investors are
urged to consult with their own tax advisors regarding the possible implications of FATCA on their
investment in the Notes.

P-3
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
Determination of CMS
Each CMS rate will be the rate for U.S. dollar swaps with a maturity for the specified number of years,
Rate:
expressed as a percentage, on the applicable Interest Determination Date.
If the applicable CMS rate is not reported on the Interest Determination Date, then the applicable CMS
rate will be a percentage determined on the basis of the mid-market, semi-annual swap rate quotations
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provided by five leading swap dealers in the New York City interbank market at approximately 11:00
a.m., New York City time, on that Interest Determination Date. For this purpose, the semi-annual swap
rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360
day count basis, of a fixed-for-floating U.S. dollar interest rate swap transaction with a term equal to the
applicable number of years commencing on the first date of the applicable interest period and in a
representative amount with an acknowledged dealer of good credit in the swap market, where the
floating leg, calculated on an Actual/360 day count basis, is based on a 3-month LIBOR rate (or any rate
that the Calculation Agent determines to be a successor or an alternative rate to 3-month LIBOR). The
Calculation Agent will select the five swap dealers after consultation with us and will request the principal
New York City office of each of those dealers to provide a quotation of its rate. If at least three
quotations are provided, the CMS rate for that Interest Determination Date will be the arithmetic mean of
the quotations, eliminating the highest and lowest quotations or, in the event of equality, one of the
highest and one of the lowest quotations.
If fewer than three leading swap dealers selected by the Calculation Agent are quoting as described
above, the CMS rate will be the rate that the Calculation Agent, in its sole discretion, determines to be
fair and reasonable under the circumstances at approximately 11:00 a.m., New York City time, on the
relevant Interest Determination Date, taking into account any successor or alternative rate to 3-month
LIBOR, if applicable.
Calculation Agent:
RBC Capital Markets, LLC
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 September 7, 2018).
Terms Incorporated in
All of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing
the Master Note:
supplement and the applicable terms appearing under the caption "General Terms of the Notes" in the
product prospectus supplement FIN-1 dated September 20, 2018, as modified by this pricing
supplement.

P-4
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
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 FIN-1 dated September 20, 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 FIN-1. In the event
of any conflict, this pricing supplement will control. The Notes vary from the terms described in the product prospectus
supplement FIN-1 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, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated September
20, 2018 and "Additional Risk Factors" in this pricing supplement, 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 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
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Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement FIN-1 dated September 20, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038802/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, the "Company," the "Bank,"
"we," "us," or "our" refers to Royal Bank of Canada.

P-5
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
H I ST ORI CAL I N FORM AT I ON
Historically, the High-Side Reference Rate and the Low-Side Reference Rate, and the difference between them, have experienced
significant fluctuations. Any historical upward or downward trend in these rates during any period shown below is not an indication
that the interest payable on the Notes is more or less likely to increase or decrease at any time during the term of the Notes. We
cannot make any assurances that the future levels of the High-Side Reference Rate and the Low-Side Reference Rate will result in
holders of the Notes receiving any interest payments after the first two annual payments.
The Reference Rate was 0.301% on December 20, 2019. The graph below sets forth the historical performance of the Reference
Rate from June 30, 2000 through December 20, 2019.
Source: Bloomberg L.P.
Historical Period

Total number of days in the historical period
5079
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Number of days the High-Side Reference Rate was greater than the Low-Side Reference Rate
5074
Number of days the High-Side Reference Rate was not greater than the Low-Side Reference Rate
5
The historical performance shown above is not indicative of future performance.

P-6
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
H Y POT H ET I CAL EX AM PLES
The table below presents examples of the hypothetical interest which will accrue on the Notes with a principal amount of
$1,000 after the second year of the term of the Notes. The examples below are for purposes of illustration only. The actual interest
payments will depend on the actual difference between the High-Side Reference Rate and the Low-Side Reference Rate on each
Interest Determination Date. Whether or not you would receive interest at the hypothetical interest rates below would depend on,
among other things, whether or not we determine that a Target Early Redemption Event has occurred.
H ypot he t ic a l Diffe re nc e be t w e e n t he H igh-Side H ypot he t ic a l I nt e re st
H ypot he t ic a l Annua l
minus Low -Side Re fe re nc e Ra t e s
Ra t e (pe r a nnum )
I nt e re st Pa ym e nt
-1.50%
0.00%
$0.00
-1.40%
0.00%
$0.00
-1.25%
0.00%
$0.00
-1.10%
0.00%
$0.00
-0.95%
0.00%
$0.00
-0.80%
0.00%
$0.00
-0.65%
0.00%
$0.00
-0.50%
0.00%
$0.00
-0.35%
0.00%
$0.00
-0.20%
0.00%
$0.00
-0.05%
0.00%
$0.00
0.00%
0.00%
$0.00
0.05%
0.50%
$5.00
0.10%
1.00%
$10.00
0.25%
2.50%
$25.00
0.40%
4.00%
$40.00
0.45%
4.50%
$45.00
0.50%
5.00%
$50.00
0.55%
5.00%
$50.00
0.70%
5.00%
$50.00
0.85%
5.00%
$50.00
1.00%
5.00%
$50.00

P-7
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
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RI SK FACT ORS
The Notes involve risks not associated with an investment in ordinary floating rate notes. An investment in Redeemable
Leveraged Steepener Notes entails significant risks not associated with similar investments in a conventional debt security,
including, but not limited to, fluctuations in the High-Side Reference Rate and the Low-Side Reference Rate and other events that
are difficult to predict and beyond our control. This section describes the most significant risks relating to the terms of the Notes.
For additional information as to the risks related to an investment in the Notes, please see the accompanying product prospectus
supplement, prospectus supplement and prospectus. You should carefully consider whether the Notes are suited to your particular
circumstances before you decide to purchase them. Accordingly, prospective investors should consult their financial and legal
advisers as to the risks entailed by an investment in the Notes and the suitability of the Notes in light of their particular
circumstances.
Aft e r t he Se c ond Y e a r of t he N ot e s, t he Am ount of I nt e re st Pa ya ble I s U nc e rt a in a nd Could Be
0 .0 0 % . After the second year of the term of the Notes, the amount of interest payable on the Notes in any interest period will
depend on whether and the extent to which the High-Side Reference Rate is greater than the Low-Side Reference Rate on the
related Interest Determination Date. If the High-Side Reference Rate does not exceed the Low-Side Reference Rate on any
Interest Determination Date, the rate of interest payable for the related interest payment period will be 0%. The High-Side
Reference Rate may only exceed the Low-Side Reference Rate by a small amount, such that the amount of interest that you
receive any applicable Interest Payment Date may be minimal. As a result, the effective yield on the Notes may be less than what
would be payable on our conventional notes of comparable maturity. The actual interest payments on the Notes may not
compensate you for the effects of inflation and other factors relating to the value of money over time.
After the second year of the term of the Notes, the Interest Determination Date for the applicable annual period will fall
only a few business days prior to the applicable Interest Payment Date. Accordingly, the interest rate for each such period will not
be known until the end of that period.
T he Am ount of I nt e re st Pa ya ble on t he N ot e s in Any I nt e re st Pe riod I s Ca ppe d. The interest rate on the
Notes for each annual interest period during the variable interest rate period is capped for that period at the maximum interest rate
of 5.00%. You will not receive more than 5.00% interest for any annual period, even if the difference between the High-Side
Reference Rate and the Low-Side Reference Rate increases substantially. Accordingly, you will not receive the full benefit of the
High-Side Reference Rate exceeding the Low-Side Reference Rate due to this maximum interest rate. Moreover, due to the
Target Rate of 13.00% and the redemption feature, any interest payment of 5.00% will be the final interest payment on the Notes.
T he N ot e s Are Subje c t t o Ea rly Re de m pt ion. The Notes will be automatically redeemed if a Target Early
Redemption Event, as set forth above, occurs. If the Notes are automatically redeemed prior to their stated maturity date, you will
not receive any interest payments on the Notes after the redemption date and you may have to reinvest the proceeds in a lower
interest rate environment.
I nve st ors Are Subje c t t o Our Cre dit Risk , a nd Our Cre dit Ra t ings a nd Cre dit Spre a ds M a y Adve rse ly
Affe c t t he M a rk e t V a lue of t he N ot e s. Investors are dependent on our ability to pay all amounts due on the Notes on
Interest Payment Dates and at maturity, and, therefore, investors are subject to our credit risk and to changes in the market's view
of our creditworthiness. Any decrease 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 market value of the Notes.

P-8
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
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
that is 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 Rate, 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
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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
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 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.
Re c e nt Re gula t ory I nve st iga t ions Re ga rding Pot e nt ia l M a nipula t ion of t he H igh Side Re fe re nc e Ra t e
a nd t he Low Side Re fe re nc e Ra t e M a y Adve rse ly Affe c t Y our N ot e s. It has been reported that certain U.S. and non-
U.S. regulators are investigating potential manipulation of these rates and other swap rates. If such manipulation occurred, it may
have resulted in these rates being artificially lower (or higher) than it or they would otherwise have been. Any changes or reforms
affecting the determination or supervision of these rates in light of these investigations may result in a sudden or prolonged
increase or decrease in these reported rates, which may have an adverse impact on the trading market for CMS-benchmarked
securities, such as the Notes, the market value of your notes and the payments on your Notes after the second year of their term.
U nc e rt a int y About t he Fut ure of LI BOR a nd t he Pot e nt ia l Disc ont inua nc e of LI BOR M a y Adve rse ly
Affe c t t he V a lue of t he N ot e s. T he Re fe re nc e Ra t e s Are Ba se d on H ypot he t ic a l I nt e re st Ra t e Sw a ps
Re fe re nc ing 3 -M ont h U .S. Dolla r LI BOR. The Chief Executive of the United Kingdom Financial Conduct Authority (the
"FCA"), which regulates LIBOR, has announced that the FCA intends to stop persuading or compelling banks to submit rates for
the calculation of LIBOR after 2021. At this time, it is not possible to predict the effect of any such changes on 3-month U.S. dollar
LIBOR and, therefore, the High Side Reference Rate and the Low Side Reference Rate. Uncertainty as to the nature of such
potential changes or other reforms may adversely affect the payments on the Notes after the second year of their term, and
accordingly, the value of and the trading market for the Notes during their term. If either of these rates are discontinued, the
Calculation Agent will have significant discretion in determining the interest payable on the Notes.

P-9
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
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 December 27, 2019, which is the fourth (4th)
business day following the Pricing Date (this settlement cycle being referred to as "T+4"). See "Plan of Distribution" in the
prospectus supplement dated September 7, 2018. For additional information as to the relationship between us and RBC Capital
Markets, LLC, please see the section "Plan of Distribution--Conflicts of Interest" in the prospectus dated September 7, 2018.
After the initial offering of the Notes, the price to the public may change.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if
RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be
based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our creditworthiness and
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transaction costs. For a period of up to approximately six months after the issue date of the Notes, the value of the Notes that may
be shown on your account statement is expected to be higher than RBCCM's estimated value of the Notes at that time. This is
because the estimated value of the Notes will not include the underwriting discount and our hedging costs and profits; however,
the value of the Notes shown on your account statement during that period may initially be a higher amount, reflecting the addition
of RBCCM's underwriting discount and our estimated costs and profits from hedging the Notes. This excess is expected to
decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices
that reflect their estimated value.
We may use this pricing supplement in the initial sale of the Notes. In addition, RBC Capital Markets, LLC or another of
our affiliates may use this pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our
agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-
making transaction.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and will
not offer, sell or otherwise make available any of the Notes to, any retail investor in the European Economic Area ("EEA"). For
these purposes, the expression "offer" includes the communication in any form and by any means of sufficient information on the
terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, and a
"retail investor" means a person who is one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of Directive
2014/65/EU (as amended, "MiFID II"); or (b) a customer, within the meaning of Directive 2016/97/EU, as amended, where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor
as defined in Regulation (EU) (2017/1129) (the "Prospectus Regulation"). Consequently, no key information document required by
Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them
available to retail investors in the EEA has been prepared, and therefore, offering or selling the Notes or otherwise making them
available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

P-10
RBC Capital Markets, LLC

Redeemable Leveraged Steepener Notes,
Due December 27, 2034
ST RU CT U RI N G T H E N OT ES
The Notes are our debt securities, the return on which is linked to the Reference Rate. As is the case for all of our debt
securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness at the
time of pricing. In addition, because structured notes result in increased operational, funding and liability management costs to us,
we typically borrow the funds under these Notes at a rate that is more favorable to us than the rate that we might pay for a
conventional fixed or floating rate debt security of comparable maturity. Using this relatively lower implied borrowing rate rather
than the secondary market rate, is a factor that reduced the initial estimated value of the Notes at the time their terms were set.
Unlike the estimated value included in this pricing supplement, any value of the Notes determined for purposes of a secondary
market transaction may be based on a different funding rate, which may result in a lower value for the Notes than if our initial
internal funding rate were used.
In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements
(which may include call options, put options or other derivatives) on the issue date with RBCCM or one of our other subsidiaries.
The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate
movements, the volatility of the Reference Rate, and the tenor of the Notes. The economic terms of the Notes and their initial
estimated value depend in part on the terms of these hedging arrangements.
The lower implied borrowing rate is a factor that reduced the economic terms of the Notes to you. The initial offering price
of the Notes also reflects the underwriting commission and our estimated hedging costs. These factors resulted in the initial
estimated value for the Notes on the pricing date being less than their public offering price. See "Risk Factors--The Initial
Estimated Value of the Notes Is Less than the Price to the Public" above.
V ALI DI T Y OF T H E N OT ES
In the opinion of Norton Rose Fulbright Canada LLP, the issue and sale of the Notes has been duly authorized by all
necessary corporate action of the Bank in conformity with the Indenture, and when the Notes have been duly executed,
authenticated and issued in accordance with the Indenture and delivered against payment therefor, the Notes will be validly issued
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and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario or Québec, or the laws of
Canada applicable therein, and will be valid obligations of the Bank, subject to equitable remedies which may only be granted at
the discretion of a court of competent authority, subject to applicable bankruptcy, to rights to indemnity and contribution under the
Notes or the Indenture which may be limited by applicable law; to insolvency and other laws of general application affecting
creditors' rights, to limitations under applicable limitations statutes, and to limitations as to the currency in which judgments in
Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to
the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable thereto. In addition, this opinion is
subject to customary assumptions about the Trustee's authorization, execution and delivery of the Indenture and the genuineness of
signatures and certain factual matters, all as stated in the letter of such counsel dated September 7, 2018, which has been filed as
Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC dated September 7, 2018.
In the opinion of Morrison & Foerster LLP, when the Notes have been duly completed in accordance with the Indenture and
issued and sold as contemplated by the prospectus supplement and the prospectus, the Notes will be valid, binding and
enforceable obligations of Royal Bank, entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability
(including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date
hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee's
authorization, execution and delivery of the Indenture and the genuineness of signatures and to such counsel's reliance on the
Bank and other sources as to certain factual matters, all as stated in the legal opinion dated September 7, 2018, which has been
filed as Exhibit 5.2 to the Bank's Form 6-K dated September 7, 2018.

P-11
RBC Capital Markets, LLC
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