Obligation Royal Bank of Canada 0% ( US78015KNF74 ) en USD

Royal Bank of Canada

144.15 % ⇌

Canada

US78015KNF74 ( en USD )

28/08/2025

Prospectus brochure de l'obligation Royal Bank of Canada US78015KNF74 en USD 0%, échéance 28/08/2025

1 000 USD

2 077 000 USD

78015KNF7

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 US78015KNF74, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/08/2025

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78015KNF74, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm SX5E BOOST BAR NO CAP 78015KNF7
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 2 7 0 0 1

Pricing Supplement
$2,077,000
Barrier Booster Notes
Dated February 25, 2020
Linked to the EURO STOXX 50® Index,
To the Product Prospectus Supplement ERN-EI-1, Prospectus
Due August 28, 2025
Supplement, and Prospectus Each Dated September 7, 2018
Royal Bank of Canada
Royal Bank of Canada is offering the Barrier Booster Notes (the "Notes") linked to the performance of the EURO STOXX 50® Index (the
"Reference Asset").
The CUSIP number for the Notes is 78015KNF7. If the Final Level is greater than or equal to the Initial Level but the Percentage Change does
not exceed the Booster Percentage of 50%, the Notes provide a fixed return equal to the Principal Amount plus the Booster Coupon. If the Final
Level is greater than the Initial Level and the Percentage Change exceeds the Booster Percentage, the Notes provide a one-for-one positive
return based upon the increase in the level of the Reference Asset. If the Final Level is less than the Barrier Level (60% of the Initial Level), you
will receive an amount at maturity that is proportionate to the decrease in the Reference Asset over the term of the Notes, and you may lose up
to 100% of your initial investment. Any payments on the Notes are subject to our credit risk.
Booster Coupon:
50%
Issue Date:
February 28, 2020
Maturity Date:
August 28, 2025
The Notes do not pay interest. The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-6 of this pricing supplement,
"Additional Risk Factors Specific to the Notes" beginning on page PS-4 of the product prospectus supplement dated September 7, 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 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%

$2,077,000
Underwriting discounts and commissions(1)
3.25%

$67,502.50
Proceeds to Royal Bank of Canada
96.75%

$2,009,497.50
(1) Certain dealers who purchased 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 $967.50 and $1,000 per $1,000 in principal
amount.
The initial estimated value of the Notes as of the Trade Date was $941.44 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, will receive a commission of $32.50 per $1,000 in
principal amount of the Notes and will use a portion of that commission to allow selling concessions to other dealers of up to $32.50 per $1,000 in principal
amount of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution
(Conflicts of Interest)" below.
RBC Capital Markets, LLC
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Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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")

Underwriter:
RBC Capital Markets, LLC ("RBCCM")

Reference Asset:
EURO STOXX 50® Index ("SX5E")

Currency:
U.S. Dollars

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

Trade Date (Pricing
February 25, 2020
Date):

Issue Date:
February 28, 2020

Valuation Date:
August 25, 2025

Maturity Date:
August 28, 2025, subject to extension for market and other disruptions, as described in the product
prospectus supplement.

Payment at Maturity
If, on the Valuation Date, the Percentage Change is ze ro or posit ive , but does not exceed the
(if held to maturity):
Booster Percentage, then the investor will receive an amount equal to the principal amount plus the
Booster Coupon.
If, on the Valuation Date, the Percentage Change is greater than the Booster Percentage, then the
investor will receive an amount equal to:

Principal Amount + (Principal Amount x Percentage Change)

If, on the Valuation Date, the Percentage Change is le ss t ha n 0 % , but not by m ore t ha n the
Barrier Percentage (that is, the Percentage Change is between -0.01% and -40%), 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 Barrier
Percentage (that is, the Percentage Change is between -40.01% and -100%), then the investor will
receive a cash payment equal to:
Principal Amount + (Principal Amount x Percentage Change)
In this case, you will lose all or a significant portion of the principal amount of the Notes.

Percentage Change:
The Percentage Change, expressed as a percentage, is calculated using the following formula:

Initial Level:
3,572.51, which was the closing level of the Reference Asset on the Trade Date.

Final Level:
The closing level of the Reference Asset on the Valuation Date.

Booster Percentage:
50%
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RBC Capital Markets, LLC

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Barrier Booster Notes
Linked to the EURO STOXX 50® Index

Booster Coupon:
50% of the principal amount

Barrier Percentage:
40%

Barrier Level:
2,143.51, which is 60% of the Initial Level (rounded to two decimal places).

Principal at Risk:
T he N ot e s a re NOT princ ipa l prot e c t e d. Y ou m a y lose a ll or a subst a nt ia l port ion of
your princ ipa l a m ount a t m a t urit y if t he re is a pe rc e nt a ge de c re a se from t he I nit ia l
Le ve l t o t he Fina l Le ve l of m ore t ha n 4 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 Notes 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 September 7, 2018 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 September 7, 2018).

Terms Incorporated
All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of
in the Master Note:
this pricing supplement and the terms appearing under the caption "General Terms of the Notes" in
the product prospectus supplement dated September 7, 2018, as modified by this pricing
supplement.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the
prospectus supplement dated September 7, 2018 and the product prospectus supplement dated September 7, 2018, relating to our
Senior Global Medium-Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this
pricing supplement will have the meanings given to them in the product prospectus supplement. In the event of any conflict, this
pricing supplement will control. The Notes vary from the terms described in the product prospectus supplement in several
important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated
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September 7, 2018 and "Additional Risk Factors Specific to the Notes" in the product prospectus supplement dated September 7,
2018, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and
Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for
the relevant date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement ERN-EI-1 dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038044/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.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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
Barrier Percentage of 40% (the Barrier Level is 60% of the Initial Level), the Booster Percentage of 50%, the Booster Coupon of
50% 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, but less than the Booster
Percentage.

Percentage Change:
5%

Payment at Maturity:
$1,000 + ($1,000 x 50%) = $1,000 + $500 = $1,500

On a $1,000 investment, a 5% Percentage Change results in a Payment at Maturity of $1,500, a 50% return on
the Notes.
Example 2--
Calculation of the Payment at Maturity where the Percentage Change is positive and exceeds the Booster
Percentage.

Percentage Change:
65%

Payment at Maturity:
$1,000 + ($1,000 x 65%) = $1,000 + $650 = $1,650

On a $1,000 investment, a 65% Percentage Change results in a Payment at Maturity of $1,650, a 65% return on
the Notes.
Example 3--
Calculation of the Payment at Maturity where the Percentage Change is negative (but not by more than the
Barrier Percentage).

Percentage Change:
-10%

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

On a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of $1,000, a 0% return on
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the Notes.
Example 4--
Calculation of the Payment at Maturity where the Percentage Change is negative (by more than the Barrier
Percentage).

Percentage Change:
-55%

Payment at Maturity:
$1,000 + ($1,000 x -55%) = $1,000 - $550 = $450

On a $1,000 investment, a -55% Percentage Change results in a Payment at Maturity of $450, a -55% return on
the Notes.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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 all or a substantial portion of their principal amount if the level of
the Reference Asset declines by more the Barrier Percentage. You will lose 1% of the principal amount of your Notes for
each 1% that the Final Level is less than the Initial Level if the Final Level is less than the Barrier Level.
·
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. Your return may be
less than the return you would earn if you bought a conventional senior interest bearing debt security of Royal Bank.
·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are
Ex pe c t e d t o Affe c t t he M a rk e t V a lue of t he N ot e s The Notes are Royal Bank's senior unsecured debt
securities. As a result, your receipt of the amount due on the maturity date is dependent upon Royal Bank's ability to repay
its obligations at that time. This will be the case even if the level of the Reference Asset increases after the Trade Date.
No assurance can be given as to what our financial condition will be at the maturity of the Notes.
·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s--Sa le s in t he Se c onda ry M a rk e t M a y Re sult
in Signific a nt Losse s There may be little or no secondary market for the Notes. The Notes will not be listed on any
securities exchange. RBCCM and other affiliates of Royal Bank may make a market for the Notes; however, they are not
required to do so. RBCCM or any other affiliate of Royal Bank may stop any market-making activities at any time. Even if a
secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We
expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked
prices for your Notes in any secondary market could be substantial.
·
Y ou Will N ot H a ve Any Right s t o t he Se c urit ie s I nc lude d in t he Re fe re nc e Asse t As a holder of the
Notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of
securities included in the Reference Asset would have. The Final Level will not reflect any dividends paid on the securities
included in the Reference Asset, and accordingly, any positive return on the Notes may be less than the potential positive
return on those securities.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he Public The initial estimated value
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 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
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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 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
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
was used. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to
hold your Notes to maturity.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s on t he Cove r Pa ge of t his Pric ing Supple m e nt I s a n Est im a t e
Only, Ca lc ula t e d a s of t he T im e t he T e rm s of t he N ot e s We re Se t The initial estimated value of the Notes is
based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the
derivative embedded in the terms of the Notes. See "Structuring the Notes" below. Our estimate is based on a variety of
assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term
of the Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect.
Other entities may value the Notes or similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in
any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.
·
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 euros, 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
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.
·
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
matters 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.
·
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.
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RBC Capital Markets, LLC

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Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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.
EU RO ST OX X 5 0 ® I nde x ("SX 5 E")
The SX5E was created by STOXX Limited, a subsidiary of Deutsche Börse AG. Publication of the SX5E 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 SX5E 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 SX5E 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 SX5E are made to ensure that the SX5E includes the 50 market sector
leaders from within the SX5E.
The free float factors for each component stock used to calculate the SX5E, as described below, are reviewed, calculated, and implemented on
a quarterly basis and are fixed until the next quarterly review.
The SX5E 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 SX5E 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 SX 5 E
The SX5E 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 SX5E value can be expressed as follows:
Free float market capitalization of the SX5E
SX5E =
x 1,000
Divisor
The "free float market capitalization of the SX5E" 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 SX5E is being calculated.
The SX5E is also subject to a divisor, which is adjusted to maintain the continuity of the SX5E values across changes due to corporate actions,
such as the deletion and addition of stocks, the substitution of stocks, stock dividends, and stock splits.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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 SX5E) in connection with certain
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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 SX5E 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 SX5E, 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 SX5E and the
data included in the SX5E;
·
the accuracy or completeness of the SX5E and its data;
·
the merchantability and the fitness for a particular purpose or use of the SX5E and its data;
·
STOXX will have no liability for any errors, omissions, or interruptions in the SX5E 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.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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. The information provided
in this graph is for the period from January 1, 2010 through February 25, 2020. We obtained the information in the graph 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.
EU RO ST OX X 5 0 ® I nde x ("SX 5 E")
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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 September 7, 2018 under "Supplemental Discussion of U.S. Federal Income Tax Consequences."
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, 2023. 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.
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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-11
RBC Capital Markets, LLC

Barrier Booster Notes
Linked to the EURO STOXX 50® Index
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 February 28, 2020, which is the third (3rd) business day
following the Trade Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus dated
September 7, 2018. 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 September 7, 2018.
We will deliver the Notes on a date that is greater than two business days following the Trade Date. Under Rule 15c6-1 under 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.
In the initial offering of the Notes, they were offered to investors at a purchase price equal to par, except with respect to certain
accounts as indicated on the cover page of this document.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if
RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be
based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our creditworthiness and
transaction costs. For a period of approximately 12 months after the issue date of the Notes, the value of the Notes that may be
shown on your account statement may 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, RBCCM or another of our affiliates may use this
pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the
purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.
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") or in the
United Kingdom. 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 (EU) 2016/97, 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 or in the U.K. has been prepared, and therefore, offering or selling
the Notes or otherwise making them available to any retail investor in the EEA or in the U.K. may be unlawful under the PRIIPs
Regulation.
P-12
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004130/form424b2.htm[2/26/2020 2:40:34 PM]

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