Obligation Royal Bank of Canada 0% ( US78014E3154 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014E3154 ( en USD )

03/03/2023 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78014E3154 en USD 0%, échue

1 000 USD

5 835 000 USD

78014E315

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 US78014E3154, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 03/03/2023

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014E3154, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm MSELN 263
Fe brua ry 2 0 1 7
M SELN -2 6 3 -C
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 0 8 5 0 7
PRI CI N G SU PPLEM EN T
Da t e d Fe brua ry 2 8 , 2 0 1 7
File d Pursua nt t o Rule 4 2 4 (b)(2 )
STRUCTURED INVESTMENTS
Opportunities in International Equities
$5,835,330 Trigger PLUS Based on the Performance of the EURO STOXX 50® Index,
due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie sSM
Principal at Risk Securities
The Trigger PLUS are senior unsecured obligations of Royal Bank of Canada, do not pay interest, do not guarantee any return of principal at maturity and have the terms
described in the accompanying prospectus supplement and prospectus, as supplemented or modified by this document. At maturity, if the level of the underlying index has
inc re a se d, investors will receive the stated principal amount of their investment plus a return reflecting the leveraged upside performance of the underlying index.
However, at maturity, if the underlying index doe s not c ha nge or ha s de pre c ia t e d , (i) if the level of the underlying index is greater than or equal to the trigger level,
investors will receive the stated principal amount of their investment, or (ii) if the level of the underlying index is less than the trigger level, investors will lose 1% for every
1% decline in the underlying index from the pricing date to the valuation date. Under these circumstances, the payment at maturity will be less than the stated principal
amount and could be zero. Accordingly, you may lose your entire investment. The Trigger PLUS are for investors who seek an equity index-based return and who are
willing to risk their principal and forgo current income in exchange for the upside leverage feature, which applies to a limited range of positive performance of the
underlying index. The Trigger PLUS are senior notes issued as part of Royal Bank of Canada's Global Medium-Term Notes, Series G program. All payments on the
Trigger PLUS are subject to the credit risk of Royal Bank of Canada.
SU M M ARY T ERM S

I ssue r:
Royal Bank of Canada
U nde rlying inde x :
The EURO STOXX 50 ® Index (Bloomberg symbol: "SX5E")
Aggre ga t e princ ipa l a m ount :
$5,835,330.00
St a t e d princ ipa l a m ount :
$10 per Trigger PLUS
I ssue pric e :
$10 per Trigger PLUS
Pric ing da t e :
February 28, 2017
I ssue da t e :
March 3, 2017
M a t urit y da t e :
March 3, 2023, subject to adjustment as described in "Additional Information About the Securities" below.
Pa ym e nt a t m a t urit y:
If the final index level is greater than the initial index level,
$10 + $10 × leverage factor × underlying index return
If the final index level is less than or equal to the initial index level and is greater than or equal to the trigger level,
$10
If the final index level is less than the trigger level,
$10 + $10 × underlying index return
Under this circumstance, the payment at maturity will be less than or equal to the stated principal amount of $10. You will lose some or all
of the principal amount if the final index level is less than the initial index level.
Le ve ra ge fa c t or:
215%
U nde rlying inde x re t urn:
(final index level - initial index level) / initial index level
I nit ia l inde x le ve l:
3,319.61, which was the closing level of the underlying index on the pricing date
Fina l inde x le ve l:
The closing level of the underlying index on the valuation date
T rigge r le ve l:
2,157.75, which is 65% of the initial index level, rounded to two decimal places
V a lua t ion da t e :
February 28, 2023, subject to adjustment for non -trading days and certain market disruption events
Divide nd e quiva le nt pa ym e nt s:
Non-U.S. holders will not be subject to withholding on dividend equivalent payments under Section 871(m) of the U.S. Internal Revenue
Code. Please see the section below, "Supplemental Discussion of U.S. Federal Income Tax Consequences," which applies to the Trigger
PLUS.
CU SI P/I SI N :
78014E315 / US78014E3154
List ing:
The Trigger PLUS will not be listed on any securities exchange.
Age nt :
RBC Capital Markets, LLC ("RBCCM"). See "Supplemental Information Regarding Plan of Distribution; Conflicts of Interest."
Com m issions a nd issue pric e :
Pric e t o public
Age nt 's c om m issions
Proc e e ds t o issue r
Pe r T rigge r PLU S
$10.000
$0.300(1)

$0.050(2)
$9.650
T ot a l
$5,835,330.000
$175,059.900

$29,176.650
$5,631,093.450
(1) RBCCM, acting as agent for Royal Bank of Canada, will receive a fee of $0.350 per $10 stated principal amount and will pay to Morgan Stanley Wealth Management
("MSWM") a fixed sales commission of $0.300 for each Trigger PLUS that MSWM sells. See "Supplemental Information Regarding Plan of Distribution; Conflicts of
Interest."
(2) Of the amount per $10 stated principal amount received by RBCCM, acting as agent for Royal Bank of Canada, RBCCM will pay MSWM a structuring fee of $0.050 for
each Trigger PLUS.
T he init ia l e st im a t e d va lue of t he T rigge r PLU S a s of t he pric ing da t e is $ 9 .2 3 5 1 pe r $ 1 0 T rigge r PLU S, w hic h is le ss t ha n t he pric e t o public .
T he m a rk e t va lue of t he T rigge r PLU S a t a ny t im e w ill re fle c t m a ny fa c t ors, c a nnot be pre dic t e d w it h a c c ura c y, a nd m a y be le ss t ha n t his
a m ount .
An inve st m e nt in t he T rigge r PLU S involve s c e rt a in risk s. Se e "Risk Fa c t ors" be ginning on pa ge 6 of t his doc um e nt , be ginning on pa ge S -1 of
t he a c c om pa nying prospe c t us supple m e nt , a nd be ginning on pa ge 1 of t he prospe c t us.
Y ou should re a d t his doc um e nt t oge t he r w it h t he re la t e d prospe c t us supple m e nt a nd prospe c t us
e a c h of w hic h c a n be a c c e sse d via t he hype rlink s be low , be fore you de c ide t o inve st .
Ple a se a lso se e "Addit iona l T e rm s of t he T rigge r PLU S" in t his doc um e nt .
Prospe c t us Supple m e nt da t e d J a nua ry 8 , 2 0 1 6
Prospe c t us da t e d J a nua ry 8 , 2 0 1 6
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N one of t he Se c urit ie s a nd Ex c ha nge Com m ission, a ny st a t e se c urit ie s c om m ission or a ny ot he r re gula t ory body ha s a pprove d or
disa pprove d of t he T rigge r PLU S or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt . Any re pre se nt a t ion t o t he c ont ra ry is a
c rim ina l offe nse . T he T rigge r PLU S w ill not c onst it ut e de posit s insure d by t he Ca na da De posit I nsura nc e Corpora t ion, t he U .S. Fe de ra l
De posit I nsura nc e Corpora t ion or a ny ot he r Ca na dia n or U .S. gove rnm e nt a ge nc y or inst rum e nt a lit y.

Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Investment Summary
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s
Princ ipa l a t Risk Se c urit ie s
The Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023 (the "Trigger PLUS") can be used:
As an alternative to direct exposure to the underlying index that enhances returns for a certain range of positive performance of the
underlying index.
To enhance returns and potentially outperform the underlying index in a moderately bullish scenario.
To achieve similar levels of upside exposure to the underlying index as a direct investment while using fewer dollars by taking
advantage of the leverage factor.
To avoid loss in the event of a decline of the underlying index as of the valuation date, but only if the final index level is greater than or
equal to the trigger level.
The Trigger PLUS are exposed on a 1:1 basis to the negative performance of the underlying index if the final index level is less than the trigger
level.
M a t urit y:
Approximately six years
Le ve ra ge fa c t or:
215% (applicable only if the final index level is greater than the initial index level)
M a x im um pa ym e nt a t m a t urit y:None.
T rigge r le ve l:
65% of the initial index level
M inim um pa ym e nt a t m a t urit y: None. Investors may lose their entire initial investment in the Trigger PLUS.
Coupon:
None

February 2017
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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Key Investment Rationale
These Trigger PLUS offer leveraged exposure to the performance of the underlying index. In exchange for enhanced performance
of 215% of the appreciation of the underlying index, investors are exposed to the risk of loss of all or a significant portion of their
investment. At maturity, if the level of the underlying index has inc re a se d , investors will receive the stated principal amount of
their investment plus a return reflecting the leveraged upside performance of the underlying index. However, at maturity, if the
underlying index doe s not c ha nge or ha s de pre c ia t e d, (i) if the level of the underlying index is greater than or equal to the
trigger level, investors will receive the stated principal amount of their investment or, (ii) if the level of the underlying index is less
than the trigger level, investors will lose 1% for every 1% decline in the level of the underlying index over the term of the Trigger
PLUS. Under these circumstances, the payment at maturity will be less than the stated principal amount and could be zero.
Ac c ordingly, you m a y lose your e nt ire inve st m e nt .
Le ve ra ge d
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The Trigger PLUS offer investors an opportunity to capture enhanced returns relative to a direct investment in
U pside
the underlying index within a certain range of positive performance.
Pe rform a nc e
At maturity, even if the underlying index has declined over the term of the Trigger PLUS, you will receive your
T rigge r Fe a t ure stated principal amount, but only if the final index level is greater than or equal to the trigger level.
U pside
The level of the underlying index increases and, at maturity, we will pay the stated principal amount of $10
Sc e na rio
plus 215% of the underlying index return.
The level of the underlying index does not change or declines but the final index level is greater than or equal
Pa r Sc e na rio
to the trigger level. In this case, at maturity, we will pay the stated principal amount of $10 per Trigger PLUS.
The level of the underlying index declines and the final index level is less than the trigger level, at maturity, we
Dow nside
will pay less than the stated principal amount by an amount that is proportionate to the percentage decrease
Sc e na rio
in the level of the underlying index from the initial index level. There is no minimum payment at maturity.

February 2017
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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Additional Information
You should read this document together with the prospectus dated January 8, 2016, as supplemented by the prospectus supplement dated
January 8, 2016, relating to our Senior Global Medium-Term Notes, Series G, of which the Trigger PLUS are a part. This document, together
with these documents, contains the terms of the Trigger PLUS 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, brochures or other educational materials of ours.
You should rely only on the information provided or incorporated by reference in this document, the prospectus and the prospectus supplement.
We have not authorized anyone else to provide you with different information, and we take no responsibility for any other information that others
may give you. We and Morgan Stanley Wealth Management are offering to sell the Trigger PLUS and seeking offers to buy the Trigger PLUS
only in jurisdictions where it is lawful to do so. The information contained in this document and the accompanying prospectus supplement and
prospectus is current only as of their respective dates.
If the information in this document differs from the information contained in the prospectus supplement or the prospectus, you should rely on the
information in this document.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in this document and the accompanying prospectus
supplement, as the Trigger PLUS involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisers before you invest in the Trigger PLUS.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for
the relevant date on the SEC website):
·
Prospectus dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
·
Prospectus Supplement dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1000275.
Please see the section "Documents Incorporated by Reference" on page i of the above prospectus for a description of our filings with the SEC
that are incorporated by reference therein.

February 2017
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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
How the Trigger PLUS Work
Pa yoff Dia gra m
The payoff diagram below illustrates the payment at maturity on the Trigger PLUS for a range of hypothetical percentage changes in the closing
level of the underlying index. The graph is based on the following terms:
St a t e d princ ipa l a m ount :
$10 per Trigger PLUS
Le ve ra ge fa c t or:
215%
M a x im um pa ym e nt a t m a t urit y: None
T rigge r le ve l:
65% of the initial index level
M inim um pa ym e nt a t m a t urit y: None
T rigge r PLU S Pa yoff Dia gra m

H ow it w ork s
Upside Scenario. If the final index level is greater than the initial index level, then investors would receive the $10 stated principal
amount plus a return reflecting 215% of the appreciation of the underlying index over the term of the Trigger PLUS.

If the underlying index appreciates 10%, the investor would receive a 21.50% return, or $12.15 per Trigger PLUS, or 121.50% of
the stated principal amount.
Par Scenario. If the final index level is less than or equal to the initial index level, but greater than or equal to the trigger level, the
investor would receive an amount equal to the $10 stated principal amount.
Dow nside Scenario. If the final index level is less than the trigger level, the investor would receive an amount that is less than the
$10 stated principal amount, based on a 1% loss of principal for each 1% decline in the underlying index. Under these circumstances,
the payment at maturity will be less than the stated principal amount per Trigger PLUS. There is no minimum payment at maturity on
the Trigger PLUS.

If the underlying index depreciates 40%, the investor would lose 40% of the investor's principal and receive only $6.00 per Trigger
PLUS at maturity, or 60% of the stated principal amount.

February 2017
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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Risk Factors
An investment in the Trigger PLUS is subject to the risks described below, as well as the risks described under "Risk Factors" in the
accompanying prospectus supplement and prospectus. Investors in the Trigger PLUS are also exposed to further risks related to the issuer of
the Trigger PLUS, Royal Bank of Canada, which are described in Royal Bank of Canada's annual report on Form 40-F for its most recently
completed fiscal year, filed with the SEC and incorporated by reference herein. See the categories of risks, identified and disclosed in the
management's discussion and analysis of financial condition and results of operations included in the annual report on Form 40-F. This section
(and the management's discussion and analysis section of the annual report on Form 40-F) describes the most significant risks relating to the
Trigger PLUS. You should carefully consider whether the Trigger PLUS are suited to your particular circumstances.
The Trigger PLUS do not pay interest or guarantee return of principal. The terms of the Trigger PLUS differ from those
of ordinary debt securities in that the Trigger PLUS do not pay interest or guarantee payment of the principal amount at maturity. If the
final index level is less than the trigger level, the payout at maturity will be an amount in cash that is less than the $10 stated principal
amount of each Trigger PLUS by an amount proportionate to the full decrease in the level of the underlying index over the term of the
Trigger PLUS. There is no minimum payment at maturity on the Trigger PLUS, and accordingly, you could lose your entire initial
investment in the Trigger PLUS.
The market price of the Trigger PLUS w ill be influenced by many unpredictable factors. Many factors will
influence the value of the Trigger PLUS in the secondary market and the price at which RBCCM may be willing to purchase or sell the
Trigger PLUS in the secondary market, including:

the trading price and volatility (frequency and magnitude of changes in value) of the securities represented by the underlying index;

dividend yields on the securities represented by the underlying index;

market interest rates;

our creditworthiness, as represented by our credit ratings or as otherwise perceived in the market;

time remaining to maturity;

geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying index; and

the exchange rates between the U.S. dollar and the euro.
The level of the underlying index may be volatile, and you should not take the historical levels of the underlying index as an indication of
future performance. See "Information About the Underlying Index" below. You may receive less, and possibly significantly less, than
the stated principal amount per Trigger PLUS if you sell your Trigger PLUS prior to maturity.
The Trigger PLUS are subject to the credit risk of Royal Bank of Canada, and any actual or anticipated
c ha nge s t o it s c re dit ra t ings or c re dit spre a ds m a y a dve rse ly a ffe c t t he m a rk e t va lue of t he T rigge r PLU S.
You are dependent on Royal Bank of Canada's ability to pay all amounts due on the Trigger PLUS at maturity and therefore you are
subject to the credit risk of Royal Bank of Canada. If Royal Bank of Canada defaults on its obligations under the Trigger PLUS, your
investment would be at risk and you could lose some or all of your investment. As a result, the market value of the Trigger PLUS prior
to maturity will be affected by changes in the market's view of Royal Bank of Canada's creditworthiness. Any actual or anticipated
decline in Royal Bank of Canada's credit ratings or increase in the credit spreads charged by the market for taking Royal Bank of
Canada credit risk is likely to adversely affect the market value of the Trigger PLUS.
The amount payable on the Trigger PLUS is not linked to the level of the underlying index at any time other
t ha n t he va lua t ion da t e . The final index level will be based on the closing level of the underlying index on the valuation date,
subject to adjustment for non-trading days and certain market disruption events. Even if the level of the underlying index appreciates
prior to the valuation date but then decreases on the valuation date to a level that is less than the initial index level, the payment at
maturity will be less, and may be significantly less, than it would have been had the payment at maturity been linked to the level of the
underlying index prior to that decrease. Although the actual level of the underlying index on the maturity date or at other times during
the term of the Trigger PLUS may be higher than the final index level, the payment at maturity will be based solely on the closing level
of the underlying index on the valuation date.
Investing in the Trigger PLUS is not equivalent to investing in the underlying index. Investing in the Trigger PLUS
is not equivalent to investing in the underlying index or its component stocks. Investors in the Trigger PLUS will not have voting rights or
rights to receive dividends or other distributions or any other rights with respect to stocks that constitute the underlying index.
The initial estimated value of the Trigger PLUS is less than the price to the public. The initial estimated value that
is set forth on the cover page of this document does not represent a minimum price at which we, RBCCM or any of our affiliates would
be willing to purchase the Trigger PLUS in any secondary market (if any exists) at any time. If you attempt to sell the Trigger PLUS
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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 underlying index, the borrowing rate we pay to issue securities of this kind, and the
inclusion in the price to the public of the agent's commissions and the estimated costs relating to our hedging of the Trigger PLUS.
These factors, together with various credit, market and economic factors over the term of the Trigger PLUS, are expected to reduce the
price at which you may be able to sell the Trigger PLUS in any secondary market and will affect the value of the Trigger PLUS 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 Trigger PLUS prior to maturity may be less than your original purchase price, as any

February 2017
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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
T rigge r Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
such sale price would not be expected to include the agent's commissions and the hedging costs relating to the Trigger PLUS. In
addition to bid-ask spreads, the value of the Trigger PLUS 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 Trigger PLUS and determine the initial estimated value. As a
result, the secondary price will be less than if the internal funding rate was used. The Trigger PLUS are not designed to be short-term
trading instruments. Accordingly, you should be able and willing to hold your Trigger PLUS to maturity.
Our initial estimated value of the Trigger PLUS is an estimate only, calculated as of the pricing date. The
initial estimated value of the Trigger PLUS is based on the value of our obligation to make the payments on the Trigger PLUS, together
with the mid-market value of the derivative embedded in the terms of the Trigger PLUS. See "Structuring the Trigger PLUS" 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 Trigger PLUS. These assumptions are based on certain forecasts about future events, which
may prove to be incorrect. Other entities may value the Trigger PLUS or similar securities at a price that is significantly different than
we do.
The value of the Trigger PLUS 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 Trigger PLUS in any
secondary market, if any, should be expected to differ materially from the initial estimated value of your Trigger PLUS.
An investment in the Trigger PLUS is subject to risks relating to non-U.S. securities markets. Because foreign
companies or foreign equity securities included in the underlying index are publicly traded in the applicable foreign countries and are
denominated in currencies other than U.S. dollars, an investment in the Trigger PLUS 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.
The securities included in the underlying index are issued by companies located within the Eurozone, which is and has been undergoing
severe financial stress, and the political, legal and regulatory ramifications are impossible to predict. Changes within the Eurozone
could have a material adverse effect on the performance of the underlying index and, consequently, on the value of the Trigger PLUS.
The Trigger PLUS w ill not be adjusted for changes in exchange rates. Although the equity securities composing the
underlying index are traded in euro, and the Trigger PLUS are denominated in U.S. dollars, the amount payable on the Trigger PLUS
at maturity, if any, will not be adjusted for changes in the exchange rates between the U.S. dollar and the euro. Changes in exchange
rates, however, may also reflect changes in the applicable non-U.S. economies that in turn may affect the level of the underlying index,
and therefore the Trigger PLUS. The amount we pay in respect of your Trigger PLUS on the maturity date, if any, will be determined
solely in accordance with the procedures described in this document.
Adjustments to the underlying index could adversely affect the value of the Trigger PLUS. The sponsor of the
underlying index (the "index sponsor") may add, delete or substitute the stocks constituting the underlying index, or make other
methodological changes. Further, the index sponsor may discontinue or suspend calculation or publication of the underlying index at
any time. Any of these actions could affect the value of and the return on the Trigger PLUS.
We have no affiliation w ith the index sponsor and w ill not be responsible for any actions taken by the index
sponsor. The index sponsor is not an affiliate of ours and will not be involved in the offering of the Trigger PLUS in any way.
Consequently, we have no control over the actions of the index sponsor, including any actions of the type that would require the
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calculation agent to adjust the payment to you at maturity. The index sponsor has no obligation of any sort with respect to the Trigger
PLUS. Thus, the index sponsor has no obligation to take your interests into consideration for any reason, including in taking any
actions that might affect the value of the Trigger PLUS. None of our proceeds from the issuance of the Trigger PLUS will be delivered
to the index sponsor.
The Trigger PLUS w ill not be listed on any securities exchange and secondary trading may be limited. The
Trigger PLUS will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the Trigger
PLUS. RBCCM may, but is not obligated to, make a market in the Trigger PLUS, and, if it chooses to do so at any time, it may cease
doing so. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its
estimated of the current value of the Trigger PLUS, taking into account its bid/offer spread, our credit spreads, market volatility, the
notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the
likelihood that it will be able to resell the Trigger PLUS. Even if there is a secondary market, it may not provide enough liquidity to allow
you to trade or sell the Trigger PLUS easily. Because we do not expect that other broker-dealers will participate significantly in the
secondary market for the Trigger PLUS, the price at which you may be able to trade your Trigger PLUS is likely to depend on the price,
if any, at which RBCCM is willing to transact. If, at any time, RBCCM were not to make a market in the Trigger PLUS, it is likely that
there would be no secondary market for the Trigger PLUS. Accordingly, you should be willing to hold your Trigger PLUS to maturity.
Historical levels of the underlying index should not be taken as an indication of its future levels during the
t e rm of t he T rigge r PLU S. The trading prices of the equity securities comprising the underlying index will determine the level of
the underlying

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Principal at Risk Securities
index at any given time. As a result, it is impossible to predict whether the level of the underlying index will rise or fall. Trading prices of
the equity securities comprising the underlying index will be influenced by complex and interrelated political, economic, financial and
other factors.
Hedging and trading activity by us and our subsidiaries could potentially adversely affect the value of the
T rigge r PLU S. One or more of our subsidiaries and/or third party dealers expect to carry out hedging activities related to the Trigger
PLUS (and possibly to other instruments linked to the underlying index or the securities it represents), including trading in those
securities as well as in other related instruments. Some of our subsidiaries also may conduct trading activities relating to the underlying
index on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or
prior to the pricing date could have affected the initial index level and, therefore, could have increased the level at which the underlying
index must close on the valuation date so that investors do not suffer a loss on their initial investment in the Trigger PLUS.
Additionally, such hedging or trading activities during the term of the Trigger PLUS, including on the valuation date, could adversely
affect the closing level of the underlying index on the valuation date and, accordingly, the amount of cash an investor will receive at
maturity, if any.
Our business activities may create conflicts of interest. We and our affiliates may engage in trading activities related to
the underlying index or the securities represented by the underlying index that are not for the account of holders of the Trigger PLUS or
on their behalf. These trading activities may present a conflict between the holders' interest in the Trigger PLUS and the interests we
and our affiliates will have in proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for
our customers and in accounts under our management. These trading activities could be adverse to the interests of the holders of the
Trigger PLUS.
We and our affiliates may presently or from time to time engage in business with one or more of the issuers of the securities
represented by the underlying index. This business may include extending loans to, or making equity investments in, such companies
or providing advisory services to such companies, including merger and acquisition advisory services. In the course of business, we
and our affiliates may acquire non-public information relating to these companies, which we have no obligation to disclose to you, and,
in addition, one or more of our affiliates may publish research reports about these companies. Neither we nor the agent have made any
independent investigation regarding any matters whatsoever relating to the issuers of the securities represented by the underlying
index.
Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with respect to the underlying
index or the securities which it represents. This research is modified from time to time without notice and may express opinions or
provide recommendations that are inconsistent with purchasing or holding the Trigger PLUS. Any of these activities by us or one or
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more of our affiliates may affect the level of the underlying index and, therefore, the market value of the Trigger PLUS.
The calculation agent, w hich is a subsidiary of the issuer, w ill make determinations w ith respect to the
T rigge r PLU S, w hic h m a y c re a t e a c onflic t of int e re st . Our wholly owned subsidiary, RBCCM, will serve as the calculation
agent. As calculation agent, RBCCM has determined the initial index level and will determine the final index level and the underlying
index return and will calculate the amount of cash, if any, you will receive at maturity. Moreover, certain determinations made by
RBCCM, in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect
to the occurrence or non-occurrence of market disruption events and the selection of a successor index or the calculation of the final
index level in the event of a market disruption event or discontinuance of the underlying index. These potentially subjective
determinations may adversely affect the payout to you at maturity, if any. For further information regarding these types of
determinations see "Additional Terms of the Trigger PLUS" below.
Significant aspects of the tax treatment of the Trigger PLUS are uncertain. The tax treatment of an investment in the
Trigger PLUS is uncertain. We do not plan to request a ruling from the Internal Revenue Service or from the Canada Revenue Agency
regarding the tax treatment of an investment in the Trigger PLUS, and the Internal Revenue Service, the Canada Revenue Agency or a
court may not agree with the tax treatment described in this document.
The Internal Revenue Service has issued a notice indicating that it and the U.S. Treasury Department are actively considering whether,
among other issues, a holder should be required to accrue interest over the term of an instrument such as the Trigger PLUS even
though that holder will not receive any payments with respect to the Trigger PLUS until maturity and whether all or part of the gain a
holder may recognize upon sale, exchange or maturity of an instrument such as the Trigger PLUS should be treated as ordinary
income. The outcome of this process is uncertain and could apply on a retroactive basis.
Please read carefully the sections entitled "Canadian Federal Income Tax Consequences" and "Supplemental Discussion of U.S.
Federal Income Tax Consequences" in this document, the section entitled "Tax Consequences" in the accompanying prospectus and
the section entitled "Certain Income Tax Consequences" in the accompanying prospectus supplement. You should consult your tax
advisor about your own tax situation.

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Trigger PLUS Based on the Performance of the EURO STOXX 50® Index, due March 3, 2023
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Principal at Risk Securities
Additional Terms of the Trigger PLUS
Please read this information in conjunction with the summary terms on the front cover of this document.
Addit iona l Provisions
Post pone m e nt of t he
If the valuation date occurs on a day that is not a trading day or on a day on which the calculation agent has
va lua t ion da t e :
determined that a market disruption event (as defined below) has occurred or is continuing, then the valuation
date will be postponed until the next succeeding trading day on which the calculation agent determines that a
market disruption event does not occur or is not continuing; provided that in no event will the valuation date be
postponed by more than five trading days. If the valuation date is postponed by five trading days, and a market
disruption event occurs or is continuing on that fifth trading day, then the calculation agent may determine, in its
good faith and reasonable judgment, what the closing level of the underlying index would have been in the
absence of the market disruption event. If the valuation date is postponed, then the maturity date will be
postponed by an equal number of business days. No interest shall accrue or be payable as a result of such
postponement.
M a rk e t disrupt ion
With respect to the underlying index and any relevant successor index, a "market disruption event" means:
e ve nt s:
a suspension, absence or material limitation of trading of equity securities then constituting 20% or

more of the level of the underlying index (or the relevant successor index) on the relevant exchanges
(as defined below) for such securities for more than two hours of trading during, or during the one hour
period preceding the close of, the principal trading session on such relevant exchange; or
a breakdown or failure in the price and trade reporting systems of any relevant exchange as a result of
which the reported trading prices for equity securities then constituting 20% or more of the level of the
underlying index (or the relevant successor index) during the one hour preceding the close of the
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principal trading session on such relevant exchange are materially inaccurate; or
a suspension, absence or material limitation of trading on the primary exchange or market for trading in
futures or options contracts related to the underlying index (or the relevant successor index) for more
than two hours of trading during, or during the one hour period preceding the close of, the principal
trading session on such exchange or market; or
a decision to permanently discontinue trading in the relevant futures or options contracts;
in each case as determined by the calculation agent in its sole discretion; and
a determination by the calculation agent in its sole discretion that the event described above materially
interfered with our ability or the ability of any of our affiliates to adjust or unwind all or a material portion
of any hedge with respect to the Trigger PLUS.
For purposes of determining whether a market disruption event with respect to the underlying index (or the
relevant successor index) exists at any time, if trading in a security included in the underlying index (or the
relevant successor index) is materially suspended or materially limited at that time, then the relevant percentage
contribution of that security to the level of the underlying index (or the relevant successor index) will be based on
a comparison of (a) the portion of the level of the underlying index (or the relevant successor index) attributable
to that security relative to (b) the overall level of the underlying index (or the relevant successor index), in each
case immediately before that suspension or limitation.
For purposes of determining whether a market disruption event with respect to the underlying index (or the
relevant successor index) has occurred:
a limitation on the hours or number of days of trading will not constitute a market disruption event if it
results from an announced change in the regular business hours of the relevant exchange, or the
primary exchange or market for trading in futures or options contracts related to the underlying index (or
the relevant successor index);
limitations pursuant to the rules of any relevant exchange similar to NYSE Rule 80B (or any applicable
rule or regulation enacted or promulgated by any other self-regulatory organization or any government
agency of scope similar to NYSE Rule 80B as determined by the calculation agent) on trading during
significant market fluctuations will constitute a suspension, absence or material limitation of trading;

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Principal at Risk Securities
a suspension of trading in futures or options contracts on the underlying index (or the relevant
successor index) by the primary exchange or market trading in such contracts by reason of:
a price change exceeding limits set by such exchange or market,
an imbalance of orders relating to such contracts, or
a disparity in bid and ask quotes relating to such contracts,
will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options
contracts related to the underlying index (or the relevant successor index); and
a "suspension, absence or material limitation of trading" on any relevant exchange or on the primary
exchange or market on which futures or options contracts related to the underlying index (or the
relevant successor index) are traded will not include any time when such exchange or market is itself
closed for trading under ordinary circumstances.
"Relevant exchange" means, with respect to the underlying index or any successor index, the primary exchange
or market of trading for any security (or any combination thereof) then included in the underlying index or such
successor index, as applicable.
Disc ont inua t ion
If the index sponsor discontinues publication of the underlying index and the index sponsor or another entity
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of/a djust m e nt s t o t he
publishes a successor or substitute index that the calculation agent determines, in its sole discretion, to be
unde rlying inde x :
comparable to the discontinued index (such index being referred to herein as a "successor index"), then the
closing level of the underlying index on the valuation date will be determined by reference to the level of such

successor index at the close of trading on the relevant exchange for the successor index on such day.
Upon any selection by the calculation agent of a successor index, the calculation agent will cause written notice
to be promptly furnished to the trustee, to us and to the holders of the Trigger PLUS.
If the index sponsor discontinues publication of the underlying index prior to, and that discontinuation is
continuing on the valuation date, and the calculation agent determines, in its sole discretion, that no successor
index is available at that time or the calculation agent has previously selected a successor index and publication
of that successor index is discontinued prior to, and that discontinuation is continuing on, the valuation date,
then the calculation agent will determine the closing level of the underlying index for that date. The closing level
of the underlying index will be computed by the calculation agent in accordance with the formula for and method
of calculating the underlying index or successor index, as applicable, last in effect prior to the discontinuation,
using the closing price (or, if trading in the relevant securities has been materially suspended or materially
limited, the calculation agent's good faith estimate of the closing price that would have prevailed but for the
suspension or limitation) at the close of the principal trading session on that date of each security most recently
included in the underlying index or successor index, as applicable.
If at any time the method of calculating the underlying index or a successor index, or the level thereof, is
changed in a material respect, or if the underlying index or a successor index is in any other way modified so
that the underlying index or successor index does not, in the opinion of the calculation agent, fairly represent the
level of the underlying index or successor index had those changes or modifications not been made, then the
calculation agent will, at the close of business in New York City on the date on which the closing level of the
underlying index is to be determined, make any calculations and adjustments as, in the good faith judgment of
the calculation agent, may be necessary in order to arrive at a level of a stock index comparable to the
underlying index or successor index, as the case may be, as if those changes or modifications had not been
made, and calculate the closing level of the underlying index with reference to the underlying index or such
successor index, as adjusted. Accordingly, if the method of calculating the underlying index or a successor
index is modified so that the level of the underlying index or such successor index is a fraction of what it would
have been if there had been no such modification (e.g., due to a split in the underlying index), then the
calculation agent will adjust its calculation of the underlying index or such successor index in order to arrive at a
level of the underlying index or such successor index as if there had been no such modification (e.g., as if such
split had not occurred).
Notwithstanding these alternative arrangements, discontinuation the publication of or modification of the
underlying index or successor index, as applicable, may adversely affect the value of the Trigger PLUS.
Busine ss da y:
A business day means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in The City of New York generally are authorized or obligated by law, regulation or executive order to
close.

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Principal at Risk Securities
T ra ding da y:
A trading day means a day, as determined by the calculation agent, on which trading is generally conducted on
(i) the relevant exchanges for securities comprising the underlying index or the successor index and (ii) the
exchanges on which futures or options contracts related to the underlying index or the successor index are
traded, other than a day on which trading on such relevant exchange or exchange on which such futures or
options contracts are traded is scheduled to close prior to its regular weekday closing time.
De fa ult int e re st upon
In the event we fail to make a payment on the maturity date, any overdue payment in respect of such payment
a c c e le ra t ion:
on the Trigger PLUS will bear interest until the date upon which all sums due are received by or on behalf of the
relevant holder, at a rate per annum which is the rate for deposits in U.S. dollars for a period of six months which
appears on the Reuters Screen LIBOR page as of 11:00 a.m. (London time) on the first business day following
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Document Outline

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