Obligation Royal Bank of Canada 7% ( US78014J8190 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014J8190 ( en USD )

7% par an ( paiement semestriel )

23/11/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78014J8190 en USD 7%, échue

1 000 USD

3 000 000 USD

78014J819

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 US78014J8190, paye un coupon de 7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/11/2022

11/20/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119020929/form424b2.htm
424B2 1 form424b2.htm UBS WO TACYN 78014J215
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
Dated November 18, 2019
Royal Bank of Canada Trigger Autocal able Contingent Yield Notes
$3,000,000 Notes Linked to the Least Performing Underlying Between the iShares® Russell 2000 ETF and the Invesco QQQ
Trust Series 1 due on November 23, 2022
Investment Description
Trigger Autocal able Contingent Yield Notes (the "Notes") are unsecured and unsubordinated debt securities issued by Royal Bank of Canada linked to the performance of the
least performing of the iShares® Russel 2000 ETF and the Invesco QQQ Trust Series 1 (each, an "Underlying," and together, the "Underlyings"). We wil pay a quarterly
Contingent Coupon payment if the closing prices of both Underlyings on the applicable Coupon Observation Date are equal to or greater than their respective Coupon Barriers.
Otherwise, no coupon wil be paid for that quarter. We wil automatical y cal the Notes early if the closing prices of both Underlyings on any quarterly Cal Observation Date
(beginning after six months) are equal to or greater than their respective Initial Prices. If the Notes are cal ed, we wil pay you the principal amount of your Notes plus the
Contingent Coupon for the applicable quarter, and no further amounts wil be owed to you under the Notes. If the Notes are not cal ed prior to maturity and the Final Prices of
both Underlyings are equal to or greater than their respective Downside Thresholds (which are the same prices as their respective Coupon Barriers), we wil pay you a cash
payment at maturity equal to the principal amount of your Notes plus the Contingent Coupon for the final quarter. However, if the Final Price of the Underlying with the lowest
percentage change from its Initial Price (the "Least Performing Underlying") is less than its Downside Threshold, we wil pay you less than the ful principal amount, if anything,
resulting in a loss on your initial investment that is proportionate to the negative performance of the Least Performing Underlying over the term of the Notes, and you may lose
up to 100% of your initial investment. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
Investing in the Notes involves significant risks. You will not receive a coupon for any Coupon Observation Date on which either Underlying closes below its
Coupon Barrier. The Notes will not be automatically called if either Underlying closes below its Initial Price on a quarterly Call Observation Date. You may lose
some or all of your principal amount if the Least Performing Underlying closes below its Downside Threshold, regardless of the performance of the other
Underlying. The contingent repayment of principal only applies if you hold the Notes until maturity. Generally, the higher the Contingent Coupon Rate on a
security, the greater the risk of loss. Any payment on the Notes, including any repayment of principal, is subject to our creditworthiness. If we were to default on
our payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. The Notes will not be listed on
any securities exchange.
Features
Key Dates
Contingent Coupon -- We will pay a quarterly Contingent Coupon payment if the closing
Trade Date
November 18, 2019
prices of both Underlyings on the applicable Coupon Observation Date are equal to or
Settlement Date
November 21, 2019
greater than their respective Coupon Barriers. Otherwise, no coupon will be paid for the
quarter.
Coupon Observation Dates1 Quarterly (see page 6)
Automatically Callable -- We will automatically call the Notes and pay you the principal
Cal Observation Dates1
Quarterly (cal able after six months)
amount of your Notes plus the Contingent Coupon otherwise due for the applicable quarter
(see page 6)
if the closing prices of both Underlyings on any quarterly Call Observation Date (beginning
Final Valuation Date1
November 18, 2022
after six months) are greater than or equal to their respective Initial Prices. If the Notes are
Maturity Date1
November 23, 2022
not called, investors will have the potential for downside equity market risk at maturity.
1
Subject to postponement if a market disruption event occurs,
Contingent Repayment of Principal at Maturity -- If by maturity the Notes have not been
as described under "General Terms of the Notes -- Payment
called and the price of each Underlying does not close below its Downside Threshold on the
at Maturity" in the accompanying product prospectus
Final Valuation Date, we will repay your principal amount per Note at maturity. However, if
supplement no. UBS-TACYN-1.
the closing price of the Least Performing Underlying is less than its Downside Threshold on
the Final Valuation Date, we will pay less than the principal amount, if anything, resulting in
a loss on your initial investment that is proportionate to the decline in the price of the Least
Performing Underlying from the Trade Date to the Final Valuation Date. The contingent
repayment of principal only applies if you hold the Notes until maturity. Any payment on the
Notes, including any repayment of principal, is subject to our creditworthiness.
NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT NECESSARILY
OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE
LEAST PERFORMING UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING OUR DEBT OBLIGATION. YOU
SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN
THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ``KEY RISKS'' BEGINNING ON PAGE 7, THE RISKS DESCRIBED UNDER "RISK FACTORS"
BEGINNING ON PAGE PS-5 OF THE PRODUCT PROSPECTUS SUPPLEMENT NO. UBS-TACYN-1 AND UNDER ``RISK FACTORS'' BEGINNING ON PAGE S-1 OF THE
PROSPECTUS SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES,
COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN
THE NOTES.
Note Offering
This pricing supplement relates to Trigger Autocal able Contingent Yield Notes we are offering linked to the least performing Underlying between the iShares® Russel 2000
ETF and the Invesco QQQ Trust Series 1. The Notes wil be issued in minimum denominations of $10.00, and integral multiples of $10.00 in excess thereof, with a minimum
investment of $1,000.
Underlyings
Contingent
(Least Performing of)
Tickers
Coupon Rate
Initial Prices
Downside Thresholds(1)
Coupon Barriers(1)
CUSIP
ISIN
iShares® Russel 2000 ETF
$110.96, which is 70% of its
(IWM)
IWM
$158.52
$110.96, which is 70% of its
7.00% per annum
Initial Price
Initial Price
78014J819
US78014J8190
Invesco QQQ Trust Series 1
QQQ
$142.15, which is 70% of its
(QQQ)
$203.07
$142.15, which is 70% of its
Initial Price
Initial Price
(1) Rounded to two decimal places.
See "Additional Information About Royal Bank of Canada and the Notes" in this pricing supplement. The Notes will have the terms specified in the prospectus
dated September 7, 2018, the prospectus supplement dated September 7, 2018, product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018 and this
pricing supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy
of this pricing supplement or the accompanying prospectus, prospectus supplement and product prospectus supplement no. UBS-TACYN-1. Any representation to the contrary
is a criminal offense.

Price to Public
Fees and Commissions(1)
Proceeds to Us
Offering of the Notes
Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the Least Performing Underlying of the iShares®
Russell 2000 ETF and the Invesco QQQ Trust Series 1
$3,000,000
$10.00
$60,000
$0.20
$2,940,000
$9.80
(1) UBS Financial Services Inc., which we refer to as UBS, will receive a commission of $0.20 per $10.00 principal amount of the Notes. See "Supplemental Plan of
Distribution (Conflicts of Interest)" below.
The initial estimated value of the Notes as of the Trade Date was $9.7331 per $10 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 under "Key Risks," "Supplemental Plan of Distribution (Conflicts of Interest)" and "Structuring the Notes" below.
The Notes will not constitute deposits insured under the Canada Deposit Insurance Corporation Act or by the United States Federal Deposit Insurance Corporation
or any other Canadian or United States government agency or instrumentality.
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UBS Financial Services Inc.
RBC Capital Markets, LLC
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Additional Information About Royal Bank of Canada and the Notes
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus supplement
dated September 7, 2018, relating to our Series H medium-term notes of which these Notes are a part, and the more detailed information
contained in product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018. This pricing supplement, together with the
documents listed below, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well
as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should careful y consider, among
other things, the matters set forth in "Risk Factors" in the accompanying product prospectus supplement no. UBS-TACYN-1, as the Notes
involve risks not associated with conventional debt securities.
If the terms discussed in this pricing supplement differ from those discussed in the product prospectus supplement no. UBS-TACYN-1, the
prospectus supplement, or the prospectus, the terms discussed herein wil control.
You may access these on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filing for the
relevant date on the SEC website):

Product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118040006/form424b5.htm

Prospectus supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm

Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
As used in this pricing supplement, "we," "us" or "our" refers to Royal Bank of Canada.
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Investor Suitability
The Notes may be suitable for you if, among other
The Notes may not be suitable for you if, among other
considerations:
considerations:

You ful y understand the risks inherent in an

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

You can tolerate a loss of al or a substantial portion of

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

You are not wil ing to make an investment that may
have the same downside market risk as an investment

You believe the closing prices of both Underlyings wil
in the Least Performing Underlying.
be equal to or greater than their respective Coupon
Barriers on most or al of the Coupon Observation

You believe that the price of either Underlying wil
Dates (including the Final Valuation Date).
decline during the term of the Notes and is likely to
close below its Coupon Barrier on most or al of the

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

You seek an investment that participates in the ful
appreciation in the prices of the Underlyings or that

You do not seek guaranteed current income from this
has unlimited return potential.
investment and are wil ing to forgo the dividends paid
on the equity securities held by the Underlyings.

You cannot tolerate fluctuations in the price of the
Notes prior to maturity that may be similar to or

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

You are unwil ing to invest in the Notes based on the

You are wil ing to invest in Notes for which there may
Contingent Coupon Rate specified on the cover page
be little or no secondary market and you accept that
of this pricing supplement.
the secondary market wil depend in large part on the
price, if any, at which RBC Capital Markets, LLC,

You do not understand or accept the risks associated
which we refer to as "RBCCM," is wil ing to purchase
with the Underlyings.
the Notes.

You are unwil ing to accept individual exposure to

You are wil ing to invest in the Notes based on the
each Underlying and that the performance of the Least
Contingent Coupon Rate set forth on the cover page
Performing Underlying wil not be offset or mitigated by
of this pricing supplement.
the performance of the other Underlying.

You are wil ing to accept individual exposure to each

You seek guaranteed current income from this
Underlying and that the performance of the Least
investment or prefer to receive the dividends paid on
Performing Underlying wil not be offset or mitigated by
the Underlyings.
the performance of the other Underlying.

You are unable or unwil ing to hold securities that may

You understand and accept the risks associated with
be cal ed early, or you are otherwise unable or
the Underlyings.
unwil ing to hold such securities to maturity or you
seek an investment for which there wil be an active

You are wil ing to invest in securities that may be
secondary market for the Notes.
cal ed early and you are otherwise wil ing to hold such
securities to maturity.

You are not wil ing to assume our credit risk for al
payments under the Notes, including any repayment

You are wil ing to assume our credit risk for al
of principal.
payments under the Notes, and understand that if we
default on our obligations, you may not receive any
amounts due to you, including any repayment of
principal.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances, and you should reach an investment decision only after you and your
investment, legal, tax, accounting, and other advisers have carefully considered the suitability of an investment in the Notes in
light of your particular circumstances. You should also review carefully the "Key Risks" below and "Risk Factors" in the
accompanying product prospectus supplement no. UBS-TACYN-1 for risks related to an investment in the Notes. In addition,
you should review carefully "Information About the Underlyings" below for more information about the Underlyings.
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Final Terms of the Notes1
Coupon
With respect to each Underlying, 70% of its
Initial Price, as set forth on the cover page of
Issuer:
Royal Bank of Canada
Barrier:
this document (as may be adjusted in the case
Principal
$10 per Note
of certain adjustment events as described under
Amount per
"General Terms of the Notes -- Anti-dilution
Note:
Adjustments" in the product prospectus
supplement).
Term:
Approximately three years, if not previously
Downside
With respect to each Underlying, 70% of its
called
Threshold:
Initial Price, as set forth on the cover page of
Underlyings:
The iShares® Russell 2000 ETF ("IWM") and
this document (as may be adjusted in the case
the Invesco QQQ Trust Series 1 ("QQQ")
of certain adjustment events as described
under "General Terms of the Notes -- Anti-
Closing Price: With respect to each Underlying, on any
dilution Adjustments" in the product
trading day, the last reported sale price on the
prospectus supplement).
principal national securities exchange in the
Automatic Call The Notes will be called automatically if the
U.S. on which it is listed for trading, as
Feature:
closing prices of both Underlyings on any Call
determined by the calculation agent.
Observation Date (beginning after six months
and set forth on page 6) are greater than or
Initial Price:
With respect to each Underlying, its closing
price on the Trade Date, as set forth on the
equal to their respective Initial Prices.
cover page of this document.
If the Notes are called, we will pay you on the
corresponding Coupon Payment Date (which
Final Price:
With respect to each Underlying, its closing
price on the Final Valuation Date.
will be the "Call Settlement Date") a cash
payment per Note equal to the principal
Contingent
If the closing prices of both Underlyings are
amount per Note plus the applicable
Coupon:
equal to or greater than their respective
Contingent Coupon payment otherwise due on
Coupon Barriers on any Coupon Observation
that day (the "Call Settlement Amount"). No
Date, we will pay you the Contingent Coupon
further amounts will be owed to you under the
applicable to that Coupon Observation Date.
Notes.
If the closing price of either Underlying is less
than its Coupon Barrier on any Coupon
Payment at
If the Notes are not called and the Final Prices
Observation Date, the Contingent Coupon
Maturity:
of both Underlyings are equal to or greater
applicable to that Coupon Observation Date
than their respective Downside Thresholds
will not accrue or be payable, and we will not
and the Coupon Barriers, we will pay you a
make any payment to you on the relevant
cash payment per Note on the maturity date
Coupon Payment Date.
equal to $10 plus the Contingent Coupon
The Contingent Coupon is a fixed amount
otherwise due on the maturity date.
based upon equal quarterly installments at the
If the Notes are not called and the Final Price
Contingent Coupon Rate, which is a per
of the Least Performing Underlying is less
annum rate as set forth below.
than its Downside Threshold, we will pay you
Each Contingent Coupon will be paid to the
a cash payment on the maturity date of less
holders of record of the Notes at the close of
than the principal amount, if anything,
business one business day prior to that
resulting in a loss on your initial investment
Coupon Payment Date. However, any final
that is proportionate to the negative
Contingent Coupon will be paid to the persons
Underlying Return of the Least Performing
to whom the payment at maturity is due.
Underlying, equal to:
$10.00 + ($10.00 × Underlying Return of the
Contingent Coupon payments on the Notes
Least Performing Underlying)
are not guaranteed. We will not pay you the
Contingent Coupon for any Coupon
Least
The Underlying with the lowest Underlying
Observation Date on which the closing
Performing
Return.
price of either Underlying is less than its
Underlying:
Coupon Barrier.

Underlying
With respect to each Underlying,
Contingent
7.00% per annum (or 1.75% per quarter)
Return:
Coupon Rate:
Final Price Initial Price
Initial Price
1 Terms used in this pricing supplement, but not defined herein, shall have the
meanings ascribed to them in the product prospectus supplement.
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Investment Timeline

The Initial Price, Downside Threshold

Trade Date
and Coupon Barrier of each Underlying
were determined.

If the closing prices of both Underlyings
are equal to or greater than their
respective Coupon Barriers on any
Coupon Observation Date, we will pay
you a Contingent Coupon payment on

the applicable Coupon Payment Date.
Quarterly
The Notes will be called if the closing
(beginning after
six months):
prices of both Underlyings on any Call
Observation Date (beginning after six

months) are equal to or greater than their
respective Initial Prices. If the Notes are
called, we will pay you a cash payment
per Note equal to $10 plus the
Contingent Coupon otherwise due on
that date.

The Final Price of each Underlying is
observed on the Final Valuation Date.
If the Notes have not been called and the
Final Prices of both Underlyings are
equal to or greater than their respective
Downside Thresholds (and their

respective Coupon Barriers), we will
Maturity Date:
repay the principal amount equal to $10
per Note plus the Contingent Coupon

otherwise due on the maturity date.
If the Notes have not been called and the
Final Price of the Least Performing
Underlying is less than its Downside
Threshold, we will pay less than the
principal amount, if anything, resulting in
a loss on your initial investment

proportionate to the decline of the Least
Performing Underlying, for an amount
equal to:

$10 + ($10 × Underlying Return of the
Least Performing Underlying) per Note

INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT. YOU
WILL BE EXPOSED TO THE MARKET RISK OF EACH UNDERLYING ON EACH COUPON OBSERVATION DATE AND ON THE FINAL
VALUATION DATE, AND ANY DECLINE IN THE PRICE OF ONE UNDERLYING MAY NEGATIVELY AFFECT YOUR RETURN AND WILL
NOT BE OFFSET OR MITIGATED BY A LESSER DECLINE OR ANY POTENTIAL INCREASE IN THE PRICE OF THE OTHER
UNDERLYING. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO OUR
CREDITWORTHINESS. IF WE WERE TO DEFAULT ON OUR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED
TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
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Coupon Observation Dates and Coupon Payment Dates*
Coupon Observation Dates
Coupon Payment Dates
February 18, 2020
February 20, 2020
May 18, 2020(1)
May 20, 2020(2)
August 18, 2020(1)
August 20, 2020(2)
November 18, 2020(1)
November 20, 2020(2)
February 18, 2021(1)
February 22, 2021(2)
May 18, 2021(1)
May 20, 2021(2)
August 18, 2021(1)
August 20, 2021(2)
November 18, 2021(1)
November 22, 2021(2)
February 18, 2022(1)
February 23, 2022(2)
May 18, 2022(1)
May 20, 2022(2)
August 18, 2022(1)
August 22, 2022(2)
November 18, 2022(3)
November 23, 2022(2)(4)
(1)
These Coupon Observation Dates are also Call Observation Dates.
(2)
These Coupon Payment Dates are also Call Settlement Dates.
(3)
This is also the Final Valuation Date.
(4)
This is also the maturity date.
* Expected. Subject to postponement if a market disruption event occurs, as described under "General Terms of the Notes -- Payment
at Maturity" in the accompanying product prospectus supplement no. UBS-TACYN-1.
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the
Underlyings or the securities held by the Underlyings. These risks are explained in more detail in the "Risk Factors" section
of the accompanying product prospectus supplement no. UBS-TACYN-1. We also urge you to consult your investment,
legal, tax, accounting and other advisors before investing in the Notes.

Risk of Loss at Maturity -- The Notes differ from ordinary debt securities in that we wil not necessarily repay the
ful principal amount of the Notes at maturity. If the Notes are not cal ed, we wil repay you the principal amount of
your Notes in cash only if the Final Price of each Underlying is greater than or equal to its Downside Threshold,
and we wil only make that payment at maturity. If the Notes are not cal ed and the Final Price of the Least
Performing Underlying is less than its Downside Threshold, you wil lose some or al of your initial investment in an
amount proportionate to the decline in the price of the Least Performing Underlying.

The Contingent Repayment of Principal Applies Only at Maturity -- If the Notes are not automatical y cal ed,
you should be wil ing to hold your Notes to maturity. If you are able to sel your Notes prior to maturity in the
secondary market, if any, you may have to do so at a loss relative to your initial investment, even if the prices of
both Underlyings are above their respective Downside Thresholds.

You May Not Receive any Contingent Coupons -- We wil not necessarily make periodic Contingent Coupon
payments on the Notes. If the closing prices of one or both Underlyings on a Coupon Observation Date is less
than their respective Coupon Barriers, we wil not pay you the Contingent Coupon applicable to that Coupon
Observation Date. If the closing prices of at least one Underlying is less than its Coupon Barrier on each of the
Coupon Observation Dates, we wil not pay you any Contingent Coupons during the term of, and you wil not
receive a positive return on, your Notes. General y, this non-payment of the Contingent Coupon coincides with a
period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the
maturity date, you wil incur a loss of principal, because the Final Price of the Least Performing Underlying wil be
less than its Downside Threshold.

The Call Feature and the Contingent Coupon Feature Limit Your Potential Return -- The return potential of
the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the
Underlyings. In addition, the total return on the Notes wil vary based on the number of Coupon Observation Dates
on which the Contingent Coupon becomes payable prior to maturity or an automatic cal . Further, if the Notes are
cal ed due to the automatic cal feature, you wil not receive any Contingent Coupons or any other payment in
respect of any Coupon Observation Dates after the applicable Cal Settlement Date. Since the Notes could be
cal ed as early as the first Cal Observation Date, the total return on the Notes could be limited to six months. If
the Notes are not cal ed, you may be subject to the ful downside performance of the Least Performing Underlying,
even though your potential return is limited to the Contingent Coupon Rate. General y, the longer the Notes are
outstanding, the less likely it is that they wil be automatical y cal ed due to the decline in the prices of the
Underlyings and the shorter time remaining for the prices of the Underlyings to recover. As a result, the return on
an investment in the Notes could be less than the return on a direct investment in the Underlyings or on a similar
security that al ows you to participate in the appreciation of the prices of the Underlyings.

The Contingent Coupon Rate Per Annum Payable on the Notes Will Reflect in Part the Volatility of the
Underlyings, and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity -- "Volatility"
refers to the frequency and magnitude of changes in the prices of the Underlyings. The greater the volatility of the
Underlyings, the more likely it is that the price of either Underlying could close below its Downside Threshold on
the Final Valuation Date. This risk wil general y be reflected in a higher Contingent Coupon Rate for the Notes
than the rate payable on our conventional debt securities with a comparable term. In addition, lower correlation
between the Underlyings can also indicate a greater likelihood of one Underlying closing below its Coupon Barrier
or Downside Threshold on a Coupon Observation Date or Final Valuation Date. This greater risk wil also be
reflected in a higher Contingent Coupon Rate than on a security linked to Underlyings with a greater degree of
correlation. However, while the Contingent Coupon Rate was set on the Trade Date, the Underlyings' volatility and
correlation can change significantly over the term of the Notes, and may increase. The prices of one or both of the
Underlyings could fal sharply as of the Final Valuation Date, which could result in missed Contingent Coupon
payments and a significant loss of your principal.

The Notes Are Subject to Reinvestment Risk -- The Notes wil be cal ed automatical y if the closing prices of
both Underlyings are equal to or greater than their respective Initial Prices on any Cal Observation Date. If the
Notes are cal ed prior to maturity, there is no guarantee that you wil be able to reinvest the proceeds from an
investment in the Notes at a comparable rate of return for a similar level of risk. To the extent you are able to
reinvest your proceeds in an investment comparable to the Notes, you wil incur transaction costs and the original
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issue price for such an investment is likely to include certain built in costs such as dealer discounts and hedging
costs.

The Notes Are Subject to Our Credit Risk -- The Notes are subject to our credit risk, and our credit ratings and
credit spreads may adversely affect the market value of the Notes. Investors are dependent on our ability to pay al
amounts due on the Notes, and therefore investors are subject to our credit risk and to changes in the market's
view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the
market for taking our credit risk is likely to adversely affect the value of the Notes. If we were to default on our
payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your
entire investment.

The Notes Will Be Subject to Risks, Including Non-Payment in Full, Under Canadian Bank Resolution
Powers -- Under Canadian bank resolution powers, the Canada Deposit Insurance Corporation ("CDIC") may, in
circumstances where we have ceased, or are about to cease, to be viable, assume temporary control or ownership
over us and may be granted broad powers by one or more orders of the Governor in Council (Canada), including
the power to sel or dispose of al or a part of our assets, and the power to carry out or cause us to carry out a
transaction or a series of transactions the purpose of which is to restructure our business. See Description of Debt
Securities Canadian Bank Resolution Powers" in the accompanying prospectus for a description of the
Canadian bank resolution powers, including the bail-in regime. If the CDIC were to take action under the Canadian
bank resolution powers with respect to us, holders of the Notes could be exposed to losses.

The Initial Estimated Value of the Notes Is Less than the Price to the Public -- The initial estimated value for
the Notes that is set forth on the cover page of this pricing supplement is less than the public offering price you pay
for the Notes and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be
wil ing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sel the Notes
prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value.
This is due to, among other things, changes in the prices of the Underlyings, the borrowing rate we pay to issue
securities of this kind, and the inclusion in the price to public of the underwriting discount and our estimated profit
and the costs relating to our hedging of the Notes. These factors, together with various credit, market and
economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sel the
Notes in any secondary market and wil affect the value of the Notes in complex and unpredictable ways.
Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able
to sel your Notes prior to maturity may be less than the price to public, as any such sale price would not be
expected to include the underwriting discount and our estimated profit and the costs relating to our hedging of the
Notes. In addition, any price at which you may sel the Notes is likely to reflect customary bid-ask spreads for
similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is
expected to be based on a secondary market rate rather than the internal borrowing rate used to price the Notes
and determine the initial estimated value. As a result, the secondary market price wil be less than if the internal
borrowing rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you
should be able and wil ing to hold your Notes to maturity.

Our Initial Estimated Value of the Notes Is an Estimate Only, Calculated as of the Time the Terms of the
Notes Were Set -- The initial estimated value of the Notes is based on the value of our obligation to make the
payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes.
See "Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our credit
spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These
assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities
may value the Notes or similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date wil vary based on many factors, including changes in
market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you
sold the Notes in any secondary market, if any, should be expected to differ material y from the initial estimated
value of your Notes and the amount that may be paid at maturity.

Owning the Notes Is Not the Same as Owning an Underlying or the Stocks Comprising an Underlying's
Underlying Index -- The return on your Notes may not reflect the return you would realize if you actual y owned
an Underlying or stocks included in an Underlying's underlying index. As a holder of the Notes, you wil not have
voting rights or rights to receive dividends or other distributions or other rights that holders of an Underlying or
these stocks would have, and any such dividends wil not be incorporated in the determination of the Underlying
Return for either Underlying.

You Will Not Have Any Shareholder Rights and Will Have No Right to Receive Any Shares of the
Underlyings at Maturity -- Investing in the Notes wil not make you a holder of any shares of the Underlyings or
any securities held by the Underlyings. Neither you nor any other holder or owner of the Notes wil have any
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voting rights, any right to receive dividends or other distributions, or any other rights with respect to the
Underlyings or such other securities.

Changes That Affect the Underlying Indices Will Affect the Market Value of the Notes and the Amount You
Will Receive at Maturity -- The policies of the index sponsors concerning the calculation of the underlying
indices, additions, deletions or substitutions of the components of the underlying indices and the manner in which
changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in the
underlying indices and, therefore, could affect the share prices of the Underlyings, the amount payable on the
Notes, and the market value of the Notes prior to maturity. The amount payable on the Notes and their market
value could also be affected if an index sponsor changes these policies, for example, by changing the manner in
which it calculates the applicable underlying index, or if an index sponsor discontinues or suspends the calculation
or publication of the applicable underlying index.

We Have No Affiliation with Any Index Sponsor and Will Not Be Responsible for Its Actions -- The index
sponsors are not affiliates of ours and wil not be involved in the offering of the Notes in any way. Consequently, we
have no control over the actions of the index sponsors, including any actions of the type that would require the
calculation agent to adjust the payment to you at maturity. The index sponsors have no obligation of any sort with
respect to the Notes. Thus, the index sponsors have no obligation to take your interests into consideration for any
reason, including in taking any actions that might affect the value of the Notes. None of our proceeds from the
issuance of the Notes wil be delivered to the index sponsors.

Adjustments to an Underlying Could Adversely Affect the Notes -- The applicable sponsors of each
Underlying are responsible for calculating and maintaining the respective Underlyings. These entities can add,
delete or substitute the stocks comprising the respective Underlyings or make other methodological changes that
could change the share prices of the Underlyings at any time. If one or more of these events occurs, the
calculation of the amount payable at maturity may be adjusted to reflect such event or events. Consequently, any
of these actions could adversely affect the amounts payable on the Notes and/or the market value of the Notes.

We and Our Affiliates Do Not Have Any Affiliation With the Investment Advisors of the Underlyings and
Are Not Responsible for Their Public Disclosure of Information -- We and our affiliates are not affiliated with
the investment advisors of either Underlying in any way and have no ability to control or predict their actions,
including any errors in or discontinuance of disclosure regarding their methods or policies relating to the
Underlyings. These entities re not involved in the offering of the Notes in any way and have no obligation to
consider your interests as an owner of the Notes in taking any actions relating to the Underlyings that might affect
the value of the Notes. Neither we nor any of our affiliates has independently verified the adequacy or accuracy of
the information about the investment advisors or the Underlyings contained in any public disclosure of information.
You, as an investor in the Notes, should make your own investigation into the Underlyings.

The Correlation Between the Performance of Each Underlying and the Performance of its Respective
Underlying Index May Be Imperfect -- The performance of an Underlying is linked principal y to the performance
of its underlying index. However, because of the potential discrepancies identified in more detail in the product
prospectus supplement, the return on each Underlying may correlate imperfectly with the return on its underlying
index. Further, the performance of an Underlying may not exactly replicate the performance of its underlying index,
because an Underlying wil reflect transaction costs and fees that are not included in the calculation of its
underlying index.
During periods of market volatility, securities held by an Underlying may be unavailable in the secondary market,
market participants may be unable to calculate accurately the net asset value per share of an Underlying and the
liquidity of an Underlying may be adversely affected. This kind of market volatility may also disrupt the ability of
market participants to create and redeem shares of an Underlying. Further, market volatility may adversely affect,
sometimes material y, the prices at which market participants are wil ing to buy and sel shares of an Underlying.
As a result, under these circumstances, the market value of shares of an Underlying may vary substantial y from
the net asset value per share of that Underlying. For al of the foregoing reasons, the performance of an
Underlying may not correlate with the performance of its underlying index as wel as its net asset value per share,
which could material y and adversely affect the value of the Notes in the secondary market and/or reduce your
payment at maturity.

Historical Prices of any Underlying Should Not Be Taken as an Indication of its Future Price During the
Term of the Notes -- The trading prices of the Underlyings wil determine the value of the Notes at any given
time. As it is impossible to predict whether the price of any Underlying wil rise or fal , and trading prices of the
common stocks held by the Underlyings wil be influenced by complex and interrelated political, economic,
financial and other factors that can affect the issuers of those stocks, and therefore, the value of the Underlyings.
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