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    Formulario 424B2 BANCO REAL DE CANADÁ
    Tipo de Cambio de Divisas

    Formulario 424B2 BANCO REAL DE CANADÁ

    usdgbp_lwn506By usdgbp_lwn506diciembre 23, 2019No hay comentarios85 Mins Read
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    Archivado de conformidad con la Regla 424 (b) (2)

    Declaración de registro No. 333-227001

    Royal Bank of Canada

    $ 1,442,000

    Apalancamiento apalancado MSCI EAFE® Notas indexadas, con vencimiento el 23 de mayo de 2022

    Las notas no tendrán interés. El monto que se le pagará en sus pagarés en la fecha de vencimiento establecida (23 de mayo de 2022,
          sujeto a ajustes) se basa en el rendimiento de MSCI EAFE® Índice (al que nos referimos como "subyacente") medido desde la fecha de negociación (19 de diciembre de 2019) hasta la fecha de determinación (19 de mayo de 2022, inclusive)
          ajustamiento). Si el nivel de subyacente final en la fecha de determinación es mayor que el nivel de subyacente inicial (2023.57, que era el nivel de cierre del subyacente en la fecha de negociación), el rendimiento de sus notas será positivo, sujeto a la
          monto máximo de liquidación ($ 1,326.40 por cada monto de capital de $ 1,000 de las notas). Si el nivel de subyacente final es menor que el nivel de subyacente inicial pero mayor o igual que el nivel de búfer del 85.00% del nivel de subyacente inicial, usted
          recibirá el monto principal de sus notas. Si el nivel subyacente final es menor que el nivel del búfer, el rendimiento de sus notas será negativo. Podría perder toda su inversión en las notas.

    Para determinar su pago al vencimiento, calcularemos el rendimiento subyacente, que es el porcentaje de aumento o disminución en el nivel subyacente final a partir del
          nivel inicial subyacente. En la fecha de vencimiento establecida, por cada monto de capital de $ 1,000 de sus notas, recibirá un monto en efectivo igual a:

    •

    si el retorno subyacente es positivo (el nivel subyacente final es mas grande que el nivel subyacente inicial), el suma
    de (i) $ 1,000 más (ii) el producto de (a) $ 1,000 veces (b) la tasa de participación al alza del 170% veces (c) el rendimiento subyacente, sujeto al monto máximo de liquidación; o

    •

    si el retorno subyacente es cero o negativo pero no debajo -15% (el nivel final subyacente es igual o menor que el nivel subyacente inicial pero no más del 15%), $ 1,000; o

    •

    si el retorno subyacente es negativo y es abajo -15% (el nivel final subyacente es menos que la inicial
                      nivel subyacente en más del 15%), el suma de (i) $ 1,000 más (ii) el producto de (a) 100/85 (que es
                      aproximadamente 1.1765) veces (b) el la suma de el retorno subyacente más 15% veces
    (c) $ 1,000. Esta cantidad será menos de $ 1,000.

    Nuestro valor estimado de las notas a la fecha de este suplemento de precios es de $ 994.78 por cada $ 1,000 en monto de capital, que es menor que el precio de emisión original.
          El valor real de las notas en cualquier momento reflejará muchos factores, no se puede predecir con precisión y puede ser inferior a esta cantidad. Describimos nuestra determinación del valor estimado inicial con más detalle a continuación.

    Su inversión en las notas implica ciertos riesgos, que incluyen, entre otras cosas, nuestro riesgo de crédito. Consulte la sección "Factores de riesgo adicionales
          Específico para sus notas "que comienza en la página PS-7 de este suplemento de precios.

    Lo anterior es solo un breve resumen de los términos de sus notas. Debe leer la divulgación adicional provista en este suplemento de precios para poder
          Comprenda mejor los términos y riesgos de su inversión.

    Fecha de emisión original:

    27 de diciembre de 2019

    Precio de emisión original:

    100.00% del monto principal

    Descuento de suscripción:

    0.00% del monto principal

    Ingresos netos al emisor:

    100.00% del monto principal

    Consulte “Plan de distribución suplementario (conflictos de intereses)” en la página PS-20 de este suplemento de precios.

    El precio de emisión, el descuento de suscripción y los ingresos netos mencionados anteriormente se relacionan con las notas que vendemos inicialmente. Podemos decidir vender notas adicionales después de la fecha de este precio
          suplemento, a precios de emisión y con descuentos de suscripción y ganancias netas que difieren de los montos establecidos anteriormente. El rendimiento (ya sea positivo o negativo) de su inversión en los pagarés dependerá en parte del precio de emisión que pague
          tales notas

    Ni la Comisión de Bolsa y Valores ni ningún otro organismo regulador ha aprobado o desaprobado las notas ni ha pasado la exactitud o adecuación de
          este suplemento de precios, el suplemento del prospecto del producto que lo acompaña, el suplemento del prospecto que lo acompaña o el prospecto que lo acompaña. Cualquier representación en contrario es un delito penal. Las notas no constituirán depósitos que sean
          asegurado por la Corporación de Seguros de Depósitos de Canadá, la Corporación Federal de Seguros de Depósitos de EE. UU. o cualquier otra agencia o entidad gubernamental canadiense o estadounidense. Las notas no están sujetas a conversión en nuestras acciones ordinarias en la subsección
          39.2 (2.3) de la Ley de la Corporación de Seguros de Depósitos de Canadá.

    RBC Capital Markets, LLC

    Suplemento de precios con fecha 19 de diciembre de 2019.

    RESUMEN INFORMACIÓN

    Nos referimos a las notas que ofrecemos con este suplemento de precios como las "notas ofrecidas" o las "notas". Cada una de las notas ofrecidas, incluidas sus notas, tiene los términos que se describen a continuación. Por favor
                      tenga en cuenta que en este suplemento de precios, las referencias a "Royal Bank of Canada", "nosotros", "nuestro" y "nos" significan solo Royal Bank of Canada y todas las referencias a "$" o "dólar" son a dólares de los Estados Unidos. Además, las referencias a la "acompañante
                      prospecto ”significa el prospecto adjunto, fechado el 7 de septiembre de 2018, complementado por el suplemento de prospecto adjunto, fechado el 7 de septiembre de 2018, de Royal Bank of Canada en relación con el programa Senior H-Medium Medium Term Notes, Serie H
                      del Royal Bank of Canada y las referencias al "suplemento del prospecto del producto acompañante PB-1" se refieren al suplemento del prospecto del producto acompañante PB-1, con fecha 20 de septiembre de 2018, del Royal Bank of Canada.

    Esta sección pretende ser un resumen y debe leerse junto con la sección titulada “Términos generales de las notas” que comienza en la página PS-4 del prospecto del producto adjunto
                      Suplemento PB-1. Tenga en cuenta que ciertas características descritas en el prospecto del producto adjunto, suplemento PB-1, no son aplicables a las notas. Este suplemento de precios reemplaza cualquier disposición contradictoria del producto que lo acompaña.
                      prospecto suplemento PB-1.

    Términos clave

    Editor: Royal Bank of Canada

    Subrayado: el MSCI EAFE® Índice (símbolo de Bloomberg, "Índice MXEA"), según lo publicado por MSCI Inc. ("MSCI", o el
              "Patrocinador subyacente")

    Moneda especificada: Dólares estadounidenses ("$")

    Denominaciones: $ 1,000 y múltiplos integrales de $ 1,000 en exceso de $ 1,000. Las notas solo pueden transferirse en cantidades
              de $ 1,000 e incrementos de $ 1,000 a partir de entonces

    Cantidad principal: cada nota tendrá un monto principal de $ 1,000; $ 1,442,000 en total para todos los ofrecidos
              notas el monto principal agregado de los pagarés ofrecidos puede incrementarse si el emisor, a su exclusivo criterio, decide vender un monto adicional de los pagarés ofrecidos en una fecha posterior a la fecha de este suplemento de precios

    Compra a un monto diferente al principal: la cantidad que le pagaremos en la fecha de vencimiento establecida para sus notas
              no se ajustará en función del precio de emisión que pague por sus pagarés, por lo que si adquiere billetes con una prima (o descuento) sobre el monto del principal y los mantiene hasta la fecha de vencimiento establecida, podría afectar su inversión de varias maneras. los
              El rendimiento de su inversión en dichos bonos será menor (o mayor) de lo que hubiera sido si hubiera comprado los billetes a un precio igual al monto del capital. Además, el nivel de búfer no ofrecería la misma medida de protección a su
              inversión como sería el caso si hubiera comprado los pagarés al monto principal. Además, el nivel máximo se activaría con un rendimiento porcentual menor (o mayor) que el indicado a continuación, en relación con su inversión inicial. Ver "Si el
              El precio de emisión original de sus notas representa una prima sobre el monto principal, el rendimiento de sus notas será menor que el rendimiento de las notas para las cuales el precio de emisión original es igual al monto principal o representa un descuento para el
              Cantidad principal "en la página PS-12 de este suplemento de precios

    Importe de liquidación en efectivo (en la fecha de vencimiento establecida): por cada monto de capital de $ 1,000 de sus notas, le pagaremos
              la fecha de vencimiento establecida una cantidad en efectivo igual a:

    •

    si el nivel subyacente final es mas grande que o igual a el nivel máximo, el monto máximo de liquidación;

    •

    si el nivel subyacente final es mas grande que el nivel subyacente inicial pero menos que el nivel de la tapa, el suma
    de (1) $ 1,000 más (2) el producto de (i) $ 1,000 veces (ii) la tasa de participación al alza veces (iii) el retorno subyacente;

    •

    si el nivel subyacente final es igual a o menos que el nivel subyacente inicial pero mas grande que o igual a el nivel de amortiguación, $ 1,000; o

    •

    si el nivel subyacente final es menos que el nivel de amortiguación, el suma de (1) $ 1,000 más (2) el producto de (i) la tasa de amortiguación veces (ii) el la suma de el retorno subyacente más
    la cantidad de amortiguación veces (iii) $ 1,000. En este caso, el monto de liquidación en efectivo será menor que el monto principal de los pagarés, y perderá algunos o
                            todo el monto principal.

    Nivel inicial subyacente: 2023.57, que era el nivel de cierre del subyacente en la fecha de negociación

    Nivel final subyacente: el nivel de cierre del subyacente en la fecha de determinación, excepto en circunstancias limitadas
              descrito en “Términos generales de las notas – Fechas de determinación y fechas promedio” en la página PS-5 del prospecto del producto adjunto suplemento PB-1 y sujeto a ajustes según lo dispuesto en “Términos generales de las notas – No disponibilidad de
              el Nivel del Subrayador "en la página PS-6 del suplemento del prospecto del producto adjunto PB-1.

    Retorno subyacente: el cociente de (1) el nivel subyacente final menos el nivel subyacente inicial dividido por (2) el nivel subyacente inicial, expresado como un porcentaje

    Tasa de participación al alza: 170%

    Nivel de tapa: 119.20% del nivel inicial subyacente

    Monto máximo de liquidación: $ 1,326.40 por cada monto de capital de $ 1,000 de las notas

    Nivel de buffer: 85% del nivel subyacente inicial (igual a un retorno subyacente de -15%)

    Cantidad de buffer: 15%

    Tasa de amortiguación: el cociente del nivel subyacente inicial dividido por el nivel de amortiguación, que equivale aproximadamente a 117.65%

    Fecha de comercio: 19 de diciembre de 2019

    Fecha de emisión original (fecha de liquidación): 27 de diciembre de 2019

    Fecha de determinación: 19 de mayo de 2022, sujeto a ajustes como se describe en “Términos generales de las notas – Determinación
                Fechas y fechas promedio "en la página PS-5 del suplemento del prospecto del producto adjunto PB-1

    Fecha de vencimiento declarada: 23 de mayo de 2022, sujeto a ajustes según se describe en “Términos generales de las notas – Declarado
                Fecha de vencimiento "en la página PS-5 del prospecto del producto adjunto suplemento PB-1

    No hay interés: las notas ofrecidas no serán de interés

    Sin listado: las notas ofrecidas no se incluirán en ningún intercambio de valores o sistema de cotización de intermediario

    Sin redención: las notas no están sujetas a canje antes del vencimiento

    Nivel de cierre: cuando nos referimos al nivel de cierre del subyacente en cualquier día de negociación, nos referimos al nivel de cierre del
                subyacente o cualquier sucesor subyacente informado por Bloomberg Financial Services, o cualquier servicio de informes sucesores que podamos seleccionar, en dicho día de negociación. Actualmente, Bloomberg Financial Services informa el nivel de cierre del subyacente a menos
                lugares decimales que el patrocinador subyacente. Como resultado, el nivel de cierre del subyacente informado por Bloomberg Financial Services puede ser menor o mayor que su nivel de cierre oficial publicado por el patrocinador del subyacente

    Día laboral: como se describe en “Términos generales de las notas – Disposiciones especiales de cálculo – Día hábil” en la página
                PS-11 del prospecto del producto acompañante suplemento PB-1

    Día de negociación: como se describe en "Términos generales de las notas – Disposiciones especiales de cálculo – Día de negociación – Índices"
                en la página PS-11 del suplemento del prospecto del producto adjunto PB-1

    Uso de ingresos y cobertura: como se describe en "Uso de los ingresos y la cobertura" en la página PS-13 del producto que lo acompaña
                prospecto suplemento PB-1

    ERISA: como se describe en la "Ley de seguridad de los ingresos de jubilación de los empleados" en la página PS-20 del producto adjunto
                prospecto suplemento PB-1

    Agente de cálculo: RBC Capital Markets, LLC ("RBCCM")

    Comerciante: RBCCM

    Tratamiento fiscal de EE. UU .: Al comprar una nota, cada titular acuerda (en ausencia de un cambio en la ley, un
                determinación o resolución judicial en sentido contrario) para tratar la nota como un contrato derivado liquidado en efectivo prepago para fines del impuesto federal sobre los ingresos de los EE. UU. Sin embargo, las consecuencias del impuesto sobre la renta federal de los Estados Unidos de su inversión en las notas son
                incierto y el Servicio de Impuestos Internos podría afirmar que las notas deben pagar impuestos de una manera diferente a la descrita en la oración anterior. Consulte la discusión en el prospecto adjunto bajo "Impuestos
                Consecuencias ", la discusión en el suplemento del prospecto adjunto en" Ciertas consecuencias del impuesto sobre la renta ", y la discusión (incluida la opinión de nuestro abogado Morrison & Foerster LLP) en el prospecto del producto adjunto
                complemente PB-1 en "Discusión complementaria de las consecuencias del impuesto sobre la renta federal de EE. UU." y la discusión a continuación en "Discusión complementaria de las consecuencias del impuesto sobre la renta federal de EE. UU.", que se aplican a las notas.

    Tratamiento fiscal canadiense: para una discusión sobre ciertas consecuencias del impuesto sobre la renta federal canadiense de invertir en las notas,
                consulte la sección titulada "Consecuencias fiscales: impuestos canadienses" en el folleto adjunto

    CUSIP no .: 78015KHM9

    ISIN no .: US78015KHM99

    FDIC: las notas no constituirán depósitos asegurados por la Corporación Federal de Seguro de Depósitos, Canadá
                Deposit Insurance Corporation o cualquier otra agencia gubernamental canadiense o estadounidense

    Escritura: los pagarés se emitirán bajo nuestro contrato de deuda senior, modificado y complementado hasta el 7 de septiembre,
                2018, que se describe en el prospecto adjunto. Consulte la sección "Descripción de los valores de deuda" que comienza en la página 4 del prospecto para obtener una descripción del contrato de deuda senior, incluidas las circunstancias limitadas que
                constituiría un evento de incumplimiento bajo las notas que estamos ofreciendo

    EJEMPLOS HIPOTETETICOS

    La siguiente tabla y tabla se proporcionan solo con fines ilustrativos. No deben tomarse como una indicación o predicción de los resultados de inversión futuros y están destinados
          simplemente para ilustrar el impacto que varios niveles hipotéticos subyacentes finales en la fecha de determinación podrían tener sobre el monto de liquidación en efectivo al vencimiento, suponiendo que todas las demás variables permanezcan constantes.

    Los ejemplos a continuación se basan en un rango de niveles subyacentes finales que son completamente hipotéticos. Nadie puede predecir cuál será el nivel subyacente en ningún día durante el período de
          sus notas, y nadie puede predecir cuál será el nivel final subyacente. El subyacente ha sido muy volátil en el pasado, lo que significa que el nivel subyacente ha cambiado considerablemente en períodos relativamente cortos, y su rendimiento no puede ser
          previsto para cualquier período futuro.

    La información en los siguientes ejemplos refleja tasas de rendimiento hipotéticas en las notas, suponiendo que se compren en la fecha de emisión original con un capital de $ 1,000
          importe y se mantienen hasta su vencimiento. Si vende sus notas en cualquier mercado secundario antes de su vencimiento, su rendimiento dependerá del valor de mercado de sus notas en el momento de la venta, que puede verse afectado por una serie de factores que no se reflejan en
          la tabla a continuación, como las tasas de interés y la volatilidad del subyacente. Además, suponiendo que no haya cambios en las condiciones del mercado o nuestra solvencia crediticia y otros factores relevantes, el valor de sus notas en la fecha de negociación (según lo determinado por
          la referencia a los modelos de precios utilizados por RBCCM y teniendo en cuenta nuestros diferenciales de crédito) es, y el precio que puede recibir por sus notas puede ser, significativamente menor que el monto del principal. Para obtener más información sobre el valor de sus notas en el
          en el mercado secundario, consulte "Factores de riesgo adicionales específicos de sus pagarés: el precio, si corresponde, en el que puede vender sus pagarés antes del vencimiento puede ser inferior al precio de emisión original y nuestro valor estimado inicial" a continuación. La información
          en la tabla también refleja los términos y supuestos clave en el cuadro a continuación.

    Términos clave y supuestos

    Cantidad principal

    $ 1,000

    Tasa de participación al revés

    170%

    Nivel de tapa

    119.20% del nivel inicial subyacente

    Monto máximo de liquidación

    $ 1,326.40

    Nivel de amortiguación

    85.00% del nivel subyacente inicial

    Tasa de amortiguación

    , lo que equivale aproximadamente a 117.65%

    Cantidad de amortiguación

    15,00%

    Ni un evento de interrupción del mercado ni un día sin negociación ocurre en la fecha de determinación programada originalmente

    Ningún cambio afecta el método por el cual el patrocinador subyacente calcula el subyacente

    Notas compradas en la fecha de emisión original a un precio igual al monto del principal y mantenidas hasta la fecha de vencimiento establecida

    El rendimiento real del subyacente durante el plazo de sus notas, así como el monto pagadero al vencimiento, si corresponde, pueden tener poca relación con los ejemplos hipotéticos que se muestran a continuación.
          o a los niveles subyacentes históricos que se muestran en otra parte de este suplemento de precios. Para obtener información sobre los niveles históricos del subyacente durante los períodos recientes, consulte "El subyacente: rendimiento histórico del subyacente" a continuación. Antes de invertir
          en las notas, debe consultar información disponible públicamente para determinar los niveles del subyacente entre la fecha de este suplemento de precios y la fecha de compra de las notas.

    Además, los ejemplos hipotéticos que se muestran a continuación no tienen en cuenta los efectos de los impuestos aplicables. Debido al tratamiento fiscal de los EE. UU. Aplicable a sus pagarés, obligaciones fiscales
          podría afectar la tasa de rendimiento después de impuestos en sus pagarés en un grado comparativamente mayor que el rendimiento después de impuestos sobre las acciones incluidas en el subyacente (las "acciones subyacentes").

    Los niveles en la columna izquierda de la tabla a continuación representan hipotéticos niveles finales subyacentes y se expresan como porcentajes del nivel inicial subyacente. Las cantidades en la columna derecha representan
          los montos hipotéticos de liquidación de efectivo, basados ​​en el nivel hipotético final subyacente correspondiente (expresado como un porcentaje del nivel subyacente inicial), y se expresan como porcentajes del monto principal de una nota (redondeado al
          la milésima parte de un por ciento más cercano). Por lo tanto, un monto hipotético de liquidación en efectivo de 100.000% significa que el valor del pago en efectivo que entregaríamos por cada monto de capital de $ 1,000 de las notas al vencimiento sería igual al monto de capital de
          una nota, basada en el correspondiente nivel de subyacente hipotético final (expresado como un porcentaje del nivel de subyacente inicial) y los supuestos mencionados anteriormente.

    Nivel hipotético final subyacente (como porcentaje de

    el nivel subyacente inicial)

    Monto hipotético de liquidación de efectivo (como porcentaje

    de la cantidad principal)

    160,000%

    132,640%

    150.000%

    132,640%

    140.000%

    132,640%

    130.000%

    132,640%

    120.000%

    132,640%

    119.000%

    132,300%

    110.000%

    117.000%

    107.000%

    111,900%

    105.000%

    108.500%

    95.000%

    100.000%

    90.000%

    100.000%

    80.000%

    94,118%

    75.000%

    88,235%

    50.000%

    58.824%

    25.000%

    29,412%

    Si, por ejemplo, se determina que el nivel de subyacente final es el 25,000% del nivel de subyacente inicial, el monto de liquidación en efectivo que entregaríamos en sus pagarés al vencimiento
          sea ​​aproximadamente el 29.412% del monto principal de sus pagarés, como se muestra en la columna del monto hipotético de liquidación en efectivo de la tabla anterior. Como resultado, si compró sus pagarés al monto principal en la fecha de liquidación y los retuvo en
          vencimiento, perdería aproximadamente el 70.588% de su inversión.

    Si se determinara que el nivel de subyacente final es 160,000% del nivel de subyacente inicial, el monto de liquidación en efectivo que entregaríamos en sus pagarés al vencimiento se limitaría al máximo
          monto de liquidación (expresado como un porcentaje del monto principal), o 132.640% del monto principal de sus pagarés, como se muestra en la columna de monto hipotético de liquidación en efectivo de la tabla anterior. Como resultado, si compró sus notas en el
          monto principal en la fecha de liquidación y los mantuvo hasta su vencimiento, no se beneficiaría de ningún aumento en el nivel de subyacente final por encima del 119.200% del nivel de subyacente inicial.

    El siguiente cuadro también ilustra los montos hipotéticos de liquidación de efectivo (expresados ​​como un porcentaje del monto principal de sus pagarés) que pagaríamos en sus pagarés en el
          fecha de vencimiento establecida, si el nivel subyacente final (expresado como un porcentaje del nivel subyacente inicial) fuera cualquiera de los niveles hipotéticos mostrados en el eje horizontal. El gráfico muestra que cualquier hipotético nivel final subyacente (expresado como
          un porcentaje del nivel subyacente inicial) menor que el nivel de amortiguación resultaría en un monto hipotético de liquidación de efectivo de menos del 100.00% del monto principal de sus notas (la sección debajo del marcador 100.00% en el eje vertical)
          y, en consecuencia, en una pérdida de capital para el titular de los pagarés. Por otro lado, cualquier nivel hipotético final subyacente que sea mayor que el nivel inicial subyacente (la sección derecha del marcador 100.00% en el eje horizontal)
          resultará en un monto hipotético de liquidación en efectivo que es mayor al 100.00% del monto principal de sus pagarés en forma apalancada (la sección sobre el marcador de 100.00% en el eje vertical), sujeto al monto máximo de liquidación.

    ■ La nota de rendimiento

    ■ El rendimiento subyacente

    Nadie puede predecir el nivel subyacente final. El monto real que recibirá un tenedor de los bonos al vencimiento y el retorno real de su inversión en el
          las notas, si las hay, dependerán del nivel real subyacente final, que será determinado por el agente de cálculo como se describe a continuación. Además, el rendimiento real de sus notas dependerá aún más del precio de emisión original. Además, el
          Los supuestos en los que se basan la tabla y el gráfico hipotéticos pueden resultar inexactos. En consecuencia, el rendimiento de su inversión en los pagarés, si corresponde, y el monto real de liquidación en efectivo a pagar con respecto a los pagarés al vencimiento pueden
          ser muy diferente de la información reflejada en la tabla y el cuadro de arriba.

    FACTORES DE RIESGO ADICIONALES ESPECÍFICOS PARA SUS NOTAS

    Una inversión en sus pagarés está sujeta a los riesgos que se describen a continuación, así como a los riesgos que se describen en "Factores de riesgo" que comienzan en la página S-1 del suplemento del folleto adjunto y
                  página 1 del prospecto adjunto. Debe revisar cuidadosamente estos riesgos, así como los términos de las notas descritas en este documento y en el folleto adjunto, con fecha del 7 de septiembre de 2018, complementado por el folleto adjunto.
                  suplemento, con fecha del 7 de septiembre de 2018, y el prospecto del producto que lo acompaña, suplemento PB-1, con fecha del 20 de septiembre de 2018, de Royal Bank of Canada. Sus notas son una inversión más riesgosa que los títulos de deuda ordinarios. Además, tus notas no son
                  equivalente a invertir directamente en las acciones subyacentes, es decir, las acciones incluidas en el subyacente. Debe considerar cuidadosamente si las notas ofrecidas son adecuadas para sus circunstancias particulares.

    Puede perder toda su inversión en las notas

    El monto principal de su inversión no está protegido y puede perder una cantidad significativa, o incluso toda su inversión en las notas. La liquidación en efectivo
          el monto, si corresponde, dependerá del desempeño del subyacente y el cambio en el nivel del subyacente desde la fecha de negociación hasta la fecha de determinación, y usted puede recibir una cantidad significativamente menor que el monto principal de los pagarés. Sujeto a nuestro
          riesgo de crédito, recibirá al menos el monto principal de los pagarés al vencimiento solo si el nivel subyacente final es mayor o igual que el nivel de amortiguación. Si el nivel subyacente final es menor que el nivel del búfer, perderá, por
          cada $ 1,000 en la cantidad principal de las notas, una cantidad igual al producto de (i) la tasa de amortiguación veces (ii) la suma de retorno subyacente más la cantidad de amortiguación veces (iii) $ 1,000. Podría perder parte o la totalidad del monto principal. Por lo tanto, dependiendo del nivel final subyacente, podría perder una parte sustancial y
          quizás la totalidad de su inversión en los pagarés, que incluiría cualquier prima sobre el monto del capital que haya pagado cuando compró los pagarés.

    Además, si las notas no se retienen hasta el vencimiento, suponiendo que no haya cambios en las condiciones del mercado o en nuestra solvencia y otros factores relevantes, el precio
          puede recibir por las notas puede ser significativamente menor que el precio que pagó por ellas.

    Nuestro valor estimado inicial de las notas es menor que el precio de emisión original

    Nuestro valor estimado inicial que se establece en la portada de este documento es menor que el precio de emisión original de las notas. No representa un mínimo
          precio al que nosotros, RBCCM o cualquiera de nuestros otros afiliados estaríamos dispuestos a comprar los pagarés en cualquier mercado secundario (si existe alguno) en cualquier momento. Esto se debe, entre otras cosas, al hecho de que el precio de emisión original de las notas refleja el
          tasa de endeudamiento que pagamos para emitir valores de este tipo (una tasa de financiación interna que es inferior a la tasa a la que prestamos fondos mediante la emisión de deuda a tasa fija convencional) y la inclusión en el precio de emisión original de los costos relacionados con nuestro
          cobertura de las notas.

    El precio, en su caso, al que puede vender sus notas antes del vencimiento puede ser inferior al precio de emisión original y nuestro valor estimado inicial

    Suponiendo que no haya cambios en las condiciones del mercado ni en ningún otro factor relevante, el precio, si lo hay, al cual puede vender sus notas antes del vencimiento puede ser menor
          que el precio de emisión original y nuestro valor estimado inicial. Esto se debe a que no se espera que dicho precio de venta incluya nuestra ganancia estimada y los costos relacionados con nuestra cobertura de los pagarés. Además, cualquier precio al que pueda vender
          Es probable que las notas reflejen los diferenciales habituales de oferta y demanda para operaciones similares y el costo de deshacer cualquier transacción de cobertura relacionada. Además, se espera que el valor de las notas determinado para cualquier precio del mercado secundario se base en parte en
          el rendimiento que se refleja en la tasa de interés de nuestros títulos de deuda convencionales de vencimiento similar que se negocian en el mercado secundario, en lugar de la tasa de financiación interna que usamos para fijar el precio de los pagarés y determinar el valor inicial
          valor estimado. Como resultado, el precio del mercado secundario de los bonos será menor que si se utilizara la tasa de financiación interna. Estos factores, junto con varios factores crediticios, de mercado y económicos durante el plazo de las notas y, potencialmente,
          Se espera que los cambios en el nivel del subyacente reduzcan el precio al que puede vender los pagarés en cualquier mercado secundario y afectarán el valor de los pagarés de formas complejas e impredecibles.

    Como se establece a continuación en la sección "Plan de distribución suplementario (conflictos de intereses)", por un período de tiempo limitado después de la fecha de negociación, su corredor puede
          recompra las notas a un precio que sea mayor que el valor estimado de las notas en ese momento. Sin embargo, suponiendo que no haya cambios en ningún otro factor relevante, se espera que el precio que reciba si vende sus notas disminuya gradualmente durante
          ese periodo.

    Las notas no están diseñadas para ser instrumentos comerciales a corto plazo. En consecuencia, debe ser capaz y estar dispuesto a mantener sus notas hasta la madurez.

    El valor estimado inicial de las notas es solo una estimación, calculada en el momento en que se establecieron los términos de las notas

    Nuestro valor estimado inicial de los pagarés se basa en el valor de nuestra obligación de realizar los pagos en los pagarés, junto con el valor medio de mercado de los bonos.
          derivado incrustado en los términos de las notas. Consulte "Estructuración de las notas" a continuación. Nuestra estimación se basa en una variedad de supuestos, incluida nuestra tasa de financiación interna (que representa un descuento de nuestros diferenciales de crédito), expectativas en cuanto a
          dividendos de las acciones subyacentes, tasas de interés y volatilidad, y el plazo esperado de las notas. Estas suposiciones se basan en ciertos pronósticos sobre eventos futuros, que pueden resultar incorrectos. Otras entidades pueden valorar las notas o similares
          valores a un precio significativamente diferente al nuestro.

    El valor de las notas en cualquier momento después de la fecha de negociación variará en función de muchos factores, incluidos los cambios en las condiciones del mercado, y no se puede predecir con precisión. Como resultado,
          se debe esperar que el valor real que recibiría si vendiera los pagarés en cualquier mercado secundario, si lo hubiera, difiere materialmente de nuestro valor estimado inicial de sus pagarés.

    Sus notas no generarán interés

    No recibirá ningún pago de intereses en las notas. Incluso si el monto pagadero en los pagarés al vencimiento excede el monto principal de los pagarés, el total
          el rendimiento que gana en los pagarés puede ser menor de lo que hubiera ganado invirtiendo en una garantía de deuda no indexada de vencimiento comparable que devengue intereses a una tasa de mercado prevaleciente. Su inversión puede no reflejar la oportunidad completa
          le cuesta cuando tiene en cuenta los factores que afectan el valor temporal del dinero.

    El potencial para que el valor de sus notas aumente será limitado

    Su capacidad para participar en cualquier cambio en el nivel del subyacente durante el término de sus notas será limitada debido al nivel de límite. El nivel de límite será
          limite la cantidad en efectivo que puede recibir por cada una de sus notas al vencimiento, sin importar cuánto pueda aumentar el nivel del subyacente más allá del nivel de límite durante el plazo de sus notas. En consecuencia, el monto pagadero por cada una de sus notas puede ser
          significativamente menos que su rendimiento si hubiera invertido directamente en las acciones subyacentes.

    El pago del monto a pagar en sus pagarés está sujeto a nuestro riesgo de crédito, y las percepciones del mercado sobre nuestra solvencia pueden afectar negativamente el valor de mercado
          de sus notas

    Las notas son nuestras obligaciones de deuda no garantizadas. Los inversores están sujetos a nuestro riesgo crediticio y las percepciones del mercado sobre nuestra solvencia pueden afectar negativamente
          Valor de mercado de las notas. Es probable que cualquier disminución en la visión del mercado o la confianza en nuestra calidad crediticia afecte negativamente el valor de mercado de los pagarés.

    El monto a pagar en sus notas no está vinculado al nivel del subyacente en ningún momento que no sea la fecha de determinación

    El monto a pagar en sus notas se basará en el nivel de subyacente final. Por lo tanto, por ejemplo, si el nivel de cierre del subyacente disminuye precipitadamente en
          En la fecha de determinación, el monto a pagar al vencimiento puede ser significativamente menor de lo que hubiera sido si se hubiera vinculado el monto a pagar al nivel de cierre del subyacente antes de esa disminución. Aunque el nivel real de la
          El subyacente al vencimiento o en otros momentos durante el plazo de las notas puede ser superior al nivel final subyacente, no se beneficiará del nivel de cierre del subyacente en ningún momento que no sea la fecha de determinación.

    Las notas pueden no tener un mercado de negociación activo

    Las notas no se incluirán en ningún intercambio de valores. El concesionario tiene la intención de ofrecer comprar las notas en el mercado secundario, pero no está obligado a hacerlo. los
          dealer or any of its affiliates may stop any market-making activities at any time. Even if there is a secondary market, it may not provide enough liquidity to allow you to easily trade or sell the notes. Because other dealers are not likely to make a
          secondary market for the notes, the price at which you may be able to trade the notes is likely to depend on the price, if any, at which the dealer is willing to buy the notes. 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.

    If you sell your notes before maturity, you may have to do so at a substantial discount from the price that you paid for them, and as a result, you may suffer
          substantial losses.

    The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors

    The following factors, among others, many of which are beyond our control, may influence the market value of your notes:

    •

    the level of the underlier;

    •

    the volatility—i.e., the frequency and magnitude of changes—of the level of the underlier;

    •

    the dividend rates of the underlier stocks;

    •

    economic, financial, regulatory, political, military and other events that affect stock markets generally and the underlier stocks;

    •

    interest and yield rates in the market;

    •

    the time remaining until the notes mature; y

    •

    our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or changes in other credit measures.

    These factors may influence the market value of your notes if you sell your notes before maturity, including the price you may receive for your notes in any market
          making transaction. If you sell your notes prior to maturity, you may receive less than the principal amount of your notes.

    An Investment in the Notes Is Subject to Risks Associated with Foreign Securities Markets

    The underlier tracks the value of certain foreign equity securities. The underlier consists of twenty-one developed equity market country indices, which are in turn comprised of the
          stocks traded in the equity markets of such countries. You should be aware that investments in securities linked to the value of foreign equity securities involve particular risks. The foreign securities markets comprising the underlier may have less
          liquidity and may be more volatile than U.S. or other securities markets and market developments may affect foreign markets differently from U.S. or other securities markets. Direct or indirect government intervention to stabilize these foreign
          securities markets, as well as cross-shareholdings in foreign companies, may affect trading prices and volumes in these markets. Also, there is generally less publicly available information about foreign companies than about those U.S. companies that
          are subject to the reporting requirements of the U.S. Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting
          companies.

    Prices of securities in foreign countries are subject to political, economic, financial and social factors that apply in those geographical regions. These factors,
          which could negatively affect those securities markets, include the possibility of recent or future changes in a foreign government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or
          restrictions applicable to foreign companies or investments in foreign equity securities and the possibility of fluctuations in the rate of exchange between currencies, the possibility of outbreaks of hostility and political instability and the
          possibility of natural disaster or adverse public health development in the region. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in important respects such as growth of gross national product, rate of
          inflation, capital reinvestment, resources and self-sufficiency.

    The Notes Are Linked to the Index, and Are Therefore Subject to Foreign Currency Exchange Rate Risk

    The payment amount on the notes will be calculated based on the underlier, and the prices of the underlier stocks are converted into U.S. dollars for purposes of
          calculating the level of the underlier. As a result, investors in the notes will be exposed to currency exchange rate risk with respect to each of the currencies represented by the underlier. An investor’s net exposure will depend on the extent to
          which the currencies represented by the underlier strengthen or weaken against the U.S. dollar and the relative weight of each relevant currency represented by the underlier. If, taking into account such weight, the dollar strengthens against such
          currencies, the level of the underlier will be adversely affected and the amount payable, if any, at maturity of the notes may be reduced.

    Foreign currency exchange rates vary over time, and may vary considerably during the life of the notes. Changes in a particular exchange rate result from the
          interaction of many factors directly or indirectly affecting economic and political conditions.

    Of particular importance are:

    •

    existing and expected rates of inflation;

    •

    existing and expected interest rate levels;

    •

    the balance of payments;

    •

    the extent of governmental surpluses or deficits in the relevant countries; y

    •

    other financial, economic, military and political factors.

    All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the various component countries and the United
          States and other countries important to international trade and finance.

    It has been reported that the U.K. Financial Conduct Authority and regulators from other countries are in the process of investigating the potential manipulation of
          published currency exchange rates. If such manipulation has occurred or is continuing, certain published exchange rates may have been, or may be in the future, artificially lower (or higher) than they would otherwise have been. Any such manipulation
          could have an adverse impact on any payments on, and the value of, your notes and the trading market for your notes. In addition, we cannot predict whether any changes or reforms affecting the determination or publication of exchange rates or the
          supervision of currency trading will be implemented in connection with these investigations. Any such changes or reforms could also adversely impact your notes.

    If the Level or Price of the Underlier or the Underlier Stocks Changes, the Market Value of the Notes May Not Change in the Same Manner

    The notes may trade quite differently from the performance of the underlier or the underlier stocks. Changes in the level or price, as applicable, of the underlier
          or the underlier stocks may not result in a comparable change in the market value of the notes. Some of the reasons for this disparity are discussed under “— The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors” above.

    The Return on the Notes Will Not Reflect Any Dividends Paid on the Underlier Stocks

    The underlier sponsor calculates the levels of the underlier by reference to the prices of the underlier stocks without taking account of the value of dividends paid
          on those underlier stocks. Therefore, the return on the notes will not reflect the return you would realize if you actually owned the underlier stocks and received the dividends paid on those underlier stocks.

    You Have No Shareholder Rights or Rights to Receive Any Underlier Stock

    Investing in your notes will not make you a holder of any of the underlier stocks. Neither you nor any other holder or owner of your notes will have any voting
          rights, any right to receive dividends or other distributions, any rights to make a claim against the underlier stock issuers or any other rights with respect to the underlier stocks. Your notes will be paid in cash to the extent any amount is
          payable at maturity, and you will have no right to receive delivery of any of the underlier stocks.

    We Will Not Hold Any of the Underlier Stocks for Your Benefit, if We Hold Them at All

    The indenture and the terms governing your notes do not contain any restriction on our ability or the ability of any of our affiliates to sell, pledge or otherwise
          convey all or any portion of the underlier stocks that we or they may acquire. Neither we nor our affiliates will pledge or otherwise hold any assets for your benefit, including any of these securities. Consequently, in the event of our bankruptcy,
          insolvency or liquidation, any of those securities that we own will be subject to the claims of our creditors generally and will not be available for your benefit specifically.

    Our Hedging Activities and/or Those of Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and
          Counterparties to Be Contrary to Those of Investors in the Notes

    The dealer or one or more of our other affiliates and/or distributors has hedged or expects to hedge its obligations under the hedging transaction that it may enter into with us by
          purchasing futures and/or other instruments linked to the underlier or the underlier stocks. The dealer or one or more of our other affiliates and/or distributors also expects to adjust the hedge by,

    among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlier or one or more of the underlier stocks, at any
          time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the determination date.

    We, the dealer, or one or more of our other affiliates and/or distributors may also enter into, adjust and unwind hedging transactions relating to other basket- or
          index-linked notes whose returns are linked to changes in the level or price of the underlier or the underlier stocks. Any of these hedging activities may adversely affect the level of the underlier —directly or indirectly by affecting the price of
          the underlier stocks—and therefore the market value of the notes and the amount you will receive, if any, on the notes. In addition, you should expect that these transactions will cause us, the dealer or our other affiliates and/or distributors, or
          our clients or counterparties, to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the notes. We, the dealer and our other affiliates and/or distributors will have no
          obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the notes, and may receive substantial returns with respect to these hedging activities while the
          value of the notes may decline. Additionally, if the distributor from which you purchase notes is to conduct hedging activities for us in connection with the notes, that distributor may profit in connection with such hedging activities and such
          profit, if any, will be in addition to the compensation that the distributor receives for the sale of the notes to you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the
          distributor to sell the notes to you in addition to the compensation they would receive for the sale of the notes.

    Market Activities by Us and by the Dealer for Our Own Account or for Our Clients Could Negatively Impact Investors in the Notes

    We, the dealer and our other affiliates provide a wide range of financial services to a substantial and diversified client base. As such, we each may act as an
          investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we, the dealer and/or our other affiliates purchase, sell or hold a broad array of
          investments, actively trade securities (including the notes or other securities that we have issued), the underlier stocks, derivatives, loans, credit default swaps, indices, baskets and other financial instruments and products for our own accounts
          or for the accounts of our customers, and we will have other direct or indirect interests, in those securities and in other markets that may be not be consistent with your interests and may adversely affect the level of the underlier and/or the value
          of the notes. Any of these financial market activities may, individually or in the aggregate, have an adverse effect on the level of the underlier and the market value of your notes, and you should expect that our interests and those of the dealer
          and/or our other affiliates, or our clients or counterparties, will at times be adverse to those of investors in the notes.

    In addition to entering into these transactions itself, we, the dealer and our other affiliates may structure these transactions for our clients or counterparties,
          or otherwise advise or assist clients or counterparties in entering into these transactions. These activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the notes or other securities to hedge their
          investment in whole or in part; facilitating transactions for other clients or counterparties that may have business objectives or investment strategies that are inconsistent with or contrary to those of investors in the notes; hedging the exposure
          of us, the dealer or our other affiliates in connection with the notes, through their market-making activities, as a swap counterparty or otherwise; enabling us, the dealer or our other affiliates to comply with internal risk limits or otherwise
          manage firmwide, business unit or product risk; and/or enabling us, the dealer or our other affiliates to take directional views as to relevant markets on behalf of itself or our clients or counterparties that are inconsistent with or contrary to the
          views and objectives of investors in the notes.

    We, the dealer and our other affiliates regularly offer a wide array of securities, financial instruments and other products into the marketplace, including existing
          or new products that are similar to the notes or other securities that we may issue, the underlier stocks or other securities or instruments similar to or linked to the foregoing. Investors in the notes should expect that we, the dealer and our other
          affiliates will offer securities, financial instruments, and other products that may compete with the notes for liquidity or otherwise.

    We, the Dealer and Our Other Affiliates Regularly Provide Services to, or Otherwise Have Business Relationships with, a Broad Client Base, Which Has Included and
          May Include Us and the Issuers of the Underlier Stocks

    We, the dealer and our other affiliates regularly provide financial advisory, investment advisory and transactional services to a substantial and diversified client
          base. You should assume that we or they will, at present or in the future, provide such services or otherwise engage in transactions with, among others, us and the issuers of the underlier stocks, or transact in securities or instruments or with
          parties that are directly or indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports.
          You should expect that we, the dealer and our other affiliates, in providing these services, engaging in such transactions, or acting for our own accounts, may take actions that have direct or indirect effects on the notes or other securities that we
          may issue, the underlier stocks or other securities or instruments similar to or linked to the foregoing, and that such actions could be adverse to the interests of investors in the notes. In addition, in connection with these activities, certain
          personnel within us, the dealer or our other affiliates may have access to confidential material non-public information about these parties that would not be disclosed to investors of the notes.

    Past Underlier Performance Is No Guide to Future Performance

    The actual performance of the underlier over the term of the notes may bear little relation to the historical levels of the underlier. Likewise, the amount payable at maturity may
          bear little relationship to the hypothetical return table or chart set forth elsewhere in this pricing supplement. We cannot predict the future performance of the underlier. Trading activities undertaken by market participants, including certain
          investors in the notes or their affiliates, including in short positions and derivative positions, may adversely affect the level of the underlier.

    As the Calculation Agent, RBCCM Will Have the Authority to Make Determinations that Could Affect the Amount You Receive, if Any, at Maturity

    As the calculation agent for the notes, RBCCM will have discretion in making various determinations that affect the notes, including determining the final underlier
          level, which will be used to determine the cash settlement amount at maturity, and determining whether to postpone the determination date because of a market disruption event or because that day is not a trading day. The calculation agent also has
          discretion in making certain adjustments relating to a discontinuation or modification of the underlier, as described under “General Terms of the Notes—Unavailability of the Level of the Underlier” on page PS-6 of the accompanying product prospectus
          supplement PB-1. The exercise of this discretion by RBCCM, which is our wholly owned subsidiary, could adversely affect the value of the notes and may create a conflict of interest between you and RBCCM. For a description of market disruption events
          as well as the consequences of the market disruption events, see the section entitled “General Terms of the Notes—Market Disruption Events” beginning on page PS-7 of the accompanying product prospectus supplement PB-1. We may change the calculation
          agent at any time without notice, and RBCCM may resign as calculation agent at any time.

    The Policies of the Underlier Sponsor and Changes that Affect the Underlier or the Underlier Stocks Could Affect the Amount Payable on the Notes, if Any, and Their
          Market Value

    The policies of the underlier sponsor concerning the calculation of the levels of the underlier, additions, deletions or substitutions of the underlier stocks and
          the manner in which changes affecting such underlier stocks or their issuers, such as stock dividends, reorganizations or mergers, are reflected in the level of the underlier, could affect the levels of the underlier and, therefore, the amount
          payable on the notes, if any, at maturity and the market value of the notes prior to maturity. The amount payable on the notes, if any, and their market value could also be affected if the underlier sponsor changes these policies, for example, by
          changing the manner in which it calculates the level of the underlier, or if the underlier sponsor discontinues or suspends calculation or publication of the level of the underlier, in which case it may become difficult to determine the market value
          of the notes. If events such as these occur, the calculation agent will determine the amount payable, if any, at maturity as described herein.

    The Calculation Agent Can Postpone the Determination of the Final Underlier Level if a Market Disruption Event Occurs or Is Continuing

    The determination of the final underlier level may be postponed if the calculation agent determines that a market disruption event has occurred or is continuing on
          the determination date with respect to the underlier. If such a postponement occurs, the calculation agent will use the closing level of the underlier on the first subsequent trading day on which no market disruption event occurs or is continuing,
          subject to the limitations set forth in the accompanying product prospectus supplement PB-1. If a market disruption event occurs or is continuing on a determination date, the stated maturity date for the notes could also be postponed.

    If the determination of the level of the underlier for any determination date is postponed to the last possible day, but a market disruption event occurs or is
          continuing on that day, that day will nevertheless be the date on which the level of the underlier will be determined by the calculation agent. In such an event, the calculation agent will make a good faith estimate in its sole discretion of the
          level that would have prevailed in the absence of the market disruption event. See “General Terms of the Notes—Market Disruption Events” in the accompanying product prospectus supplement PB-1.

    There Is No Affiliation Between Any Underlier Stock Issuers or the Underlier Sponsor and Us or the Dealer, and Neither We Nor the Dealer Is Responsible for Any
          Disclosure by Any of the Underlier Stock Issuers or the Underlier Sponsor

    We are not affiliated with the issuers of the underlier stocks or with the underlier sponsor. As discussed herein, however, we, the dealer, and our other affiliates
          may currently, or from time to time in the future, engage in business with the issuers of the underlier stocks. Nevertheless, none of us, the dealer, or our respective affiliates assumes any responsibility for the accuracy or the completeness of any
          information about the underlier or any of the underlier stocks. You, as an investor in the notes, should make your own investigation into the underlier and the underlier stocks. See the section below entitled “The Underlier” for additional
          information about the underlier.

    Neither the underlier sponsor nor any issuers of the underlier stocks are involved in this offering of the notes in any way, and none of them have any obligation of
          any sort with respect to the notes. Thus, neither the underlier sponsor nor any of the issuers of the underlier stocks have any obligation to take your interests into consideration for any reason, including in taking any corporate actions that might
          affect the value of the notes.

    You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Underlier

    In the ordinary course of business, we, the dealer, our other affiliates and any additional dealers, including in acting as a research provider, investment advisor,
          market maker, principal investor or distributor, may express research or investment views on expected movements in the underlier or the underlier stocks, and may do so in the future. These views or reports may be communicated to our clients, clients
          of our affiliates and clients of any additional dealers, and may be inconsistent with, or adverse to, the objectives of investors in the notes. However, these views are subject to change from time to time. Moreover, other professionals who transact
          business in markets relating to the underlier or the underlier stocks may at any time have significantly different views from those of these entities. For these reasons, you are encouraged to derive information concerning the underlier or the
          underlier stocks from multiple sources, and you should not rely solely on views expressed by us, the dealer, our other affiliates, or any additional dealers.

    We May Sell an Additional Aggregate Amount of the Notes at a Different Original Issue Price

    At our sole option, we may decide to sell an additional aggregate amount of the notes subsequent to the trade date. The price of the notes in the subsequent sale may differ
          substantially (higher or lower) from the principal amount.

    If the Original Issue Price for Your Notes Represents a Premium to the Principal Amount, the Return on Your Notes Will Be Lower Than the Return on Notes for Which
          the Original Issue Price Is Equal to the Principal Amount or Represents a Discount to the Principal Amount

    The cash settlement amount will not be adjusted based on the original issue price. If the original issue price for your notes differs from the principal amount, the
          return on your notes held to maturity will differ from, and may be substantially less than, the return on notes for which the original issue price is equal to the principal amount. If the original issue price for your notes represents a premium to
          the principal amount and you hold them to maturity, the return on your notes will be lower than the return on notes for which the original issue price is equal to the principal amount or represents a discount to the principal amount.

    In addition, the impact of the buffer level and the cap level on the return on your investment will depend upon the price you pay for your notes relative to the
          principal amount. For example, if you purchase your notes at a premium to the principal amount, the cap level will only permit a lower percentage increase in your investment in the notes than would have been the case for notes purchased at the
          principal amount or a discount to the principal amount. Similarly, the buffer level, while still providing some protection for the return on the notes, will allow a greater percentage decrease in your investment in the notes than would have been the
          case for notes purchased at the principal amount or a discount to the principal amount.

    Significant Aspects of the Income Tax Treatment of an Investment in the Notes Are Uncertain

    The tax treatment of an investment in the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or the Canada Revenue Agency
          regarding the tax treatment of an investment in the notes, and the Internal Revenue Service, the Canada Revenue Agency or a court may not agree with the tax treatment described in this pricing supplement.

    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 notes even though that holder will not receive any payments with respect to the notes until maturity or earlier sale or exchange and whether all or part of the gain a
          holder may recognize upon sale, exchange or maturity of an instrument such as the notes could be treated as ordinary income. The outcome of this process is uncertain and could apply on a retroactive basis.

    Please read carefully the section entitled “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying product prospectus supplement PB-1,
          the section entitled “Certain Income Tax Consequences” in the accompanying prospectus supplement and the section entitled “Tax Consequences” in the accompanying prospectus. You should consult your tax advisor about your own tax situation.

    Non-U.S. Investors May Be Subject to Certain Additional Risks

    The notes will be denominated in U.S. dollars. If you are a non-U.S. investor who purchases the notes with a currency other than U.S. dollars, changes in rates of
          exchange may have an adverse effect on the value, price or returns of your investment.

    This pricing supplement contains a general description of certain U.S. tax considerations relating to the notes. If you are a non-U.S. investor, you should consult
          your tax advisors as to the consequences, under the tax laws of the country where you are resident for tax purposes, of acquiring, holding and disposing of the notes and receiving the payments that might be due under the notes.

    For a discussion of certain Canadian federal income tax consequences of investing in the notes, please see the section entitled “Tax Consequences — Canadian
          Taxation” in the accompanying prospectus. If you are not a Non-resident Holder (as that term is defined in “Tax Consequences — Canadian Taxation” in the accompanying prospectus) or if you acquire the notes in the secondary market, you should consult
          your tax advisor as to the consequences of acquiring, holding and disposing of the notes and receiving the payments that might be due under the notes.

    Certain Considerations for Insurance Companies and Employee Benefit Plans

    Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules of the Employee Retirement Income Security
          Act of 1974, as amended (“ERISA”), or the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), including an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering purchasing the
          notes with the assets of the insurance company or the assets of such a plan, should consult with its counsel regarding whether the purchase or holding of the notes could become a “prohibited transaction” under ERISA, the Internal Revenue Code or any
          substantially similar prohibition in light of the representations a purchaser or holder in any of the above categories is deemed to make by purchasing and holding the notes. This is discussed in more detail under “Employee Retirement Income Security
          Act” in the accompanying product prospectus supplement PB-1.

    THE UNDERLIER

    General

    The underlier is the MSCI EAFE® Index (Bloomberg ticker “MXEA”). All information contained in this pricing supplement regarding the underlier including, without limitation, its make-up, method
          of calculation and changes in its components and its historical closing values, is derived from publicly available information prepared by the underlier sponsor. Such information reflects the policies of, and is subject to change by, the underlier
          sponsor. The underlier sponsor owns the copyright and all rights to the underlier. The underlier sponsor is under no obligation to continue to publish, and may discontinue publication of, the underlier. The consequences of the underlier sponsor
          discontinuing or modifying the underlier are described in the section entitled “Description of the Notes—Unavailability of the Level of the Underlier” on page PS-6 of the accompanying product prospectus supplement PB-1.

    The underlier is calculated and maintained by the underlier sponsor. Neither we nor RBCCM has participated in the preparation of such documents or made any due diligence inquiry with respect to the
          underlier or underlier sponsor in connection with the offering of the notes. In connection with the offering of the notes, neither we nor RBCCM makes any representation that such publicly available information regarding the underlier or underlier
          sponsor is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the offering of the notes (including events that would affect the accuracy or completeness of the publicly available information described
          in this pricing supplement) that would affect the level of the underlier or have been publicly disclosed. Subsequent disclosure of any such events could affect the value received at maturity and therefore the market value of the notes.

    We, the dealer or our respective affiliates may presently or from time to time engage in business with one or more of the issuers of the underlier stocks of the underlier without regard to your
          interests, including extending loans to or entering into loans with, or making equity investments in, one or more of such issuers or providing advisory services to one or more of such issuers, such as merger and acquisition advisory services. En el
          course of business, we, the dealer or our respective affiliates may acquire non-public information about one or more of such issuers and none of us, the dealer or our respective affiliates undertake to disclose any such information to you. En
          addition, we, the dealer or our respective affiliates from time to time have published and in the future may publish research reports with respect to such issuers. These research reports may or may not recommend that investors buy or hold the
          securities of such issuers. As a prospective purchaser of the notes, you should undertake an independent investigation of the underlier or of the issuers of the underlier stocks to the extent required, in your judgment, to allow you to make an
          informed decision with respect to an investment in the notes.

    We are not incorporating by reference the website of the underlier sponsor or any material it includes into this pricing supplement. In this pricing supplement, unless the context requires otherwise, references to the
          underlier will include any successor underlier to the underlier and references to the underlier sponsor will include any successor thereto.

    MSCI EAFE® Index Weighting by Sector as of November 29, 2019*

    Sector

    Percentage (%)

    Financials

    18.35%

    Industrials

    15.14%

    Health Care

    12.12%

    Consumer Discretionary

    11.61%

    Consumer Staples

    11.39%

    Information Technology

    7.04%

    Materiales

    7.02%

    Communication Services

    5.27%

    Energy

    4.84%

    Utilities

    3.66%

    Real Estate

    3.55%

    Total

    100.00%

    * Percentages may not sum to 100% due to rounding.  (Sector designations are determined by the underlier sponsor using criteria it has selected or developed. Index sponsors may use
          very different standards for determining sector designations. In addition, many companies operate in a number of sectors, but are listed in only one sector and the basis on which that sector is selected may also differ. As a result, sector
          comparisons between indices with different index sponsors may reflect differences in methodology as well as actual differences in the sector composition of the indices.) As of the close of business on September 21, 2018, S&P Dow Jones Indices LLC
          and MSCI, Inc. updated the Global Industry Classification Sector structure. Among other things, the update broadened the Telecommunications Services sector and renamed it the Communication Services sector. The renamed sector includes the previously
          existing Telecommunication Services Industry group, as well as the Media Industry group, which was moved from the Consumer Discretionary sector and renamed the Media & Entertainment Industry group. The Media & Entertainment Industry group
          contains three industries: Media, Entertainment and Interactive Media & Services. The Media industry continues to consist of the Advertising, Broadcasting, Cable & Satellite and Publishing sub-industries. The Entertainment industry contains
          the Movies & Entertainment sub-industry (which includes online entertainment streaming companies in addition to companies previously classified in such industry prior to September 21, 2018) and the Interactive Home Entertainment sub-industry
          (which includes companies previously classified in the Home Entertainment Software sub-industry prior to September 21, 2018 (when the Home Entertainment Software sub-industry was a sub-industry in the Information Technology sector)), as well as
          producers of interactive gaming products, including mobile gaming applications). The Interactive Media & Services industry and sub-industry includes companies engaged in content and information creation or distribution through proprietary
          platforms, where revenues are derived primarily through pay-per-click advertisements, and includes search engines, social media and networking platforms, online classifieds and online review companies. The Global Industry Classification Sector
          structure changes were implemented in the MSCI EAFE® Index in connection with the November 2018 semi-annual index review.

    MSCI EAFE® Index Weighting by Country as of November 29, 2019*

    País

    Percentage (%)

    Japan

    24.82%

    United Kingdom

    16.17%

    Francia

    11.45%

    Suiza

    9.22%

    Alemania

    8.78%

    Otro

    29.56%

    * Percentages may not sum to 100% due to rounding.

    Description of the Underlier

    The MSCI EAFE® Index

    The underlier is intended to measure equity market performance in developed market countries, excluding the United States and Canada. The underlier is a free float-adjusted market capitalization equity
          index with a base date of December 31, 1969 and an initial value of 100. The underlier is calculated daily in U.S. dollars and published in real time every 60 seconds during market trading hours. As of December 12, 2019, the underlier consisted of
          companies from the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and
          Reino Unido.

    The underlier is comprised of companies in both the Large Cap Index and Mid Cap Index, as discussed in the section “—Defining Market Capitalization Size Segments for Each Market” below.

    The underlier is part of the MSCI Regional Equity Indices series and is an MSCI Global Investable Market Index, which is a family within the MSCI International Equity Indices.

    Constructing the MSCI Global Investable Market Indices. MSCI undertakes an index construction process, which involves:

    • defining the equity universe;

    • determining the market investable equity universe for each market;

    • determining market capitalization size segments for each market;

    • applying index continuity rules for the MSCI Standard Index;

    • creating style segments within each size segment within each market; y

    • classifying securities under the Global Industry Classification Standard (the “GICS”).

    Defining the Equity Universe. The equity universe is defined by:

    • Identifying Eligible Equity Securities: the equity universe initially looks at securities listed in any of the countries in the MSCI Global
          Index Series, which will be classified as either Developed Markets (“DM”) or Emerging Markets (“EM”). All listed equity securities, including Real Estate Investment Trusts and certain income trusts in Canada, are eligible for inclusion in the equity
          universo. Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts, are not eligible for inclusion in the equity universe. Preferred shares that exhibit characteristics of equity
          securities are eligible in the equity universe. MSCI will analyse preferred shares on a case-by-case basis. The key criterion for preferred shared eligibility is that the share should not have features that make it resemble, and behave like, a fixed
          income security.

    • Classifying Eligible Securities into the Appropriate Country: each company and its securities (i.e., share classes) are classified in only one
          country.

    Effective with the November 2015 semi-annual index review, companies traded outside of their country of classification (i.e., “foreign listed companies”) will become eligible for
          inclusion in the MSCI Country Investable Market Indexes along with the applicable MSCI Global Index.  In order for a MSCI Country Investable Market Index to be eligible to include foreign listed companies, it must meet the Foreign Listing Materiality
          Requirement.  To meet the Foreign Listing Materiality Requirement, the aggregate market capitalization of all securities represented by foreign listings should represent at least (i) 5% of the free float-adjusted market capitalization of the relevant
          MSCI Country Investable Market Index and (ii) 0.05% of the free-float adjusted market capitalization of the MSCI ACWI Investable Market Index.

    Determining the Market Investable Equity Universes. A market investable equity universe for a market is derived by identifying eligible listings for each security
          in the equity universe, and by applying investability screens to individual companies and securities in the equity universe that are classified in that market. A market is equivalent to a single country, except in DM Europe, where all DM countries in
          Europe are aggregated into a single market for index construction purposes. Subsequently, individual DM Europe country indices within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the global investable market
          indices methodology.

    A security may be listed in the country where it is classified (i.e. local listing) and/or in a different country (i.e. “foreign listing”). Securities may be represented by either a
          local or foreign listing. A security may be represented by a foreign listing only if:

    • The security is classified in a country that meets the Foreign Listing Materiality Requirement, and

    • The security’s foreign listing is traded on an eligible stock exchange of: a DM country if the security is classified in a DM country, a DM or an EM country if
          the security is classified in an EM country, or a DM or an EM or a FM country if the security is classified in a FM country. Securities in that country may not be represented by a foreign listing in the global investable equity universe if a country
          does not meet the requirement.

    The investability screens used to determine the investable equity universe in each market are as follows:

    • Equity Universe Minimum Size Requirement: this investability screen is applied at the company level. En
          order to be included in a market investable equity universe, a company must have the required minimum full market capitalization.  The size requirement also applies to companies in all developed and emerging markets.

    • Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement: this investability
          screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have a free float-adjusted market capitalization equal to or higher than 50% of the equity universe minimum size
          requirement.

    • DM and EM Minimum Liquidity Requirement: this investability screen is applied at the individual security level. A
          be eligible for inclusion in a market investable equity universe, a security must have adequate liquidity. The twelve-month and three-month Annual Traded Value Ratio (“ATVR”), a measure that screens out extreme daily trading volumes and takes into
          account the free float-adjusted market capitalization size of securities, together with the three-month frequency of trading are used to measure liquidity. A minimum liquidity level of 20% of three- and twelve-month ATVR and 90% of three-month
          frequency of trading over the last four consecutive quarters are required for inclusion of a security in a market investable equity universe of a DM, and a minimum

    liquidity level of 15% of three- and twelve-month ATVR and 80% of three-month frequency of trading over the last four consecutive quarters are required for inclusion of a security in a
          market investable equity universe of an EM.

    • Global Minimum Foreign Inclusion Factor Requirement: this investability screen is applied at the
          individual security level. To be eligible for inclusion in a market investable equity universe, a security’s Foreign Inclusion Factor (“FIF”) must reach a certain threshold. The FIF of a security is defined as the proportion of shares outstanding
          that is available for purchase in the public equity markets by international investors. This proportion accounts for the available free float of and/or the foreign ownership limits applicable to a specific security (or company).

    In general, a security must have an FIF equal to or larger than 0.15 to be eligible for inclusion in a market investable equity universe.

    • Minimum Length of Trading Requirement: this investability screen is applied at the individual security
          level. For an initial public offering (“IPO”) to be eligible for inclusion in a market investable equity universe, the new issue must have started trading at least three months before the implementation of a semi-annual index review (as described
          below). This requirement is applicable to small new issues in all markets. Large IPOs are not subject to the minimum length of trading requirement and may be included in a market investable equity universe and the Standard Index outside of a
          Quarterly or Semi-Annual Index Review.

    • Minimum Foreign Room Requirement: this investability screen is applied at the
          individual security level.  For a security that is subject to a foreign ownership limit to be eligible for inclusion in a market investable equity universe, the proportion of shares still available to foreign investors relative to the maximum allowed
          (referred to as “foreign room”) must be at least 15%.

    Defining Market Capitalization Size Segments for Each Market. Once a market investable equity universe is defined, it is segmented into the following size-based
          indices:

    • Investable Market Index (Large + Mid + Small);

    • Standard Index (Large + Mid);

    • Large Cap Index;

    • Mid Cap Index; o

    • Small Cap Index.

    Creating the size segment indices in each market involves the following steps:

    • defining the market coverage target range for each size segment;

    • determining the global minimum size range for each size segment;

    • determining the market size-segment cutoffs and associated segment number of companies;

    • assigning companies to the size segments; y

    • applying final size-segment investability requirements.

    Index Continuity Rules for the Standard Indices. In order to achieve index continuity, as well as to provide some basic level of diversification within a market
          index, and notwithstanding the effect of other index construction rules described in this section, a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will be maintained for an
          EM Standard Index.

    Creating Style Indices within Each Size Segment. All securities in the investable equity universe are classified into value or growth
          segments using the MSCI Global Value and Growth methodology.

    Classifying Securities under the Global Industry Classification Standard. All securities in the global investable equity universe are
          assigned to the industry that best describes their business activities. To this end, MSCI has designed, in conjunction with S&P Dow Jones Indexes, the GICS. Under the GICS, each company is assigned to one sub−industry according to its principal
          business activity. Therefore, a company can belong to only one industry grouping at each of the four levels of the GICS.

    Calculation Methodology for the Underlying Index

    The performance of the underlying index is a free float weighted average of the U.S. dollar values of its component securities.

    Prices used to calculate the component securities are the official exchange closing prices or prices accepted as such in the relevant market. In the case of a market closure, or if a security does not trade on a specific
          day or during a specific period, MSCI carries forward the previous day’s price (or latest available closing price). In the event of a market outage resulting in any component security price to be unavailable, MSCI will generally use the last reported
          price for such component security for the purpose of performance calculation unless MSCI determines that another price is more

    appropriate based on the circumstances. Closing prices are converted into U.S. dollars, as applicable, using the closing exchange rates calculated by WM/Reuters at 4:00 P.M. London Time.

    Index Maintenance

    The MSCI global investable market indices are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve index
          continuity, continuous investability of constituents and replicability of the indices, index stability, and low index turnover. In particular, index maintenance involves:

    (i)

    Semi-Annual Index Reviews (“SAIRs”) in May and November of the Size Segment and Global Value and Growth Indices which include:

    a. updating the indices on the basis of a fully refreshed equity universe;

    si. taking buffer rules into consideration for migration of securities across size and style segments; y

    c. updating FIFs and Number of Shares (“NOS”).

    (ii)

    Quarterly Index Reviews (“QIRs”) in February and August of the Size Segment Indices aimed at:

    a. including significant new eligible securities (such as IPOs that were not eligible for earlier inclusion) in the index;

    si. allowing for significant moves of companies within the Size Segment Indices, using wider buffers than in the SAIR; y

    c. reflecting the impact of significant market events on FIFs and updating NOS.

    (iii)

    Ongoing Event-Related Changes: changes of this type are generally implemented in the indices as they occur. Significantly large IPOs are included in the indices after the close of the company’s tenth day of trading.

    Neither we nor any of our affiliates, including RBCCM, accepts any responsibility for the calculation, maintenance, or publication of, or for any error, omission, or disruption in,
          the underlier or any successor to the underlier.

    License Agreement with MSCI

    We have entered into a non-exclusive license agreement with MSCI providing for the license to us and certain of our affiliates, in exchange for a fee, of the right to use the
          underlier in connection with securities, including the notes. The underlier is owned and published by MSCI.

    The license agreement between MSCI and us provides that the following language must be set forth in this pricing supplement:

    THE NOTES ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY AFFILIATE OF MSCI OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR
          COMPILING ANY MSCI INDEX.  THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI.  MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY ROYAL BANK OF CANADA AND ITS
          AFFILIATES.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE NOTES OR ANY MEMBER OF THE PUBLIC
          REGARDING THE ADVISABILITY OF INVESTING IN FINANCIAL SECURITIES GENERALLY OR IN THE NOTES PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS,
          SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE NOTES OR THE ISSUER OR OWNER OF THE NOTES.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR
          RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF THE NOTES INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES.  NEITHER MSCI, ITS AFFILIATES NOR ANY OTHER PARTY
          INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE NOTES TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY
          WHICH THE NOTES ARE REDEEMABLE FOR CASH.  NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, THE MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THE NOTES IN CONNECTION WITH THE
          ADMINISTRATION, MARKETING OR OFFERING OF THE NOTES.

    ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI, ANY OF ITS
          AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY

    MSCI INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NEITHER MSCI, ANY OF ITS
          AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE NOTES, OWNERS OF
          THE NOTES, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR
          RELATED TO, MAKING OR COMPILING ANY MSCI INDEX SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY
          INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND MSCI, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX HEREBY EXPRESSLY
          DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MSCI, ANY OF ITS AFFILIATES OR ANY OTHER PARTY
          INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

    No purchaser, seller or holder of the notes, or any other person or entity, should use or refer to any MSCI trade name, trade mark or service mark rights to sponsor, endorse, market
          or promote the notes without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim affiliation with MSCI without the prior written permission of MSCI.

    Historical Performance of the Underlier

    The closing levels of the underlier have fluctuated in the past and may experience significant fluctuations in the future. Any historical upward or downward trend in the closing
          levels of the underlier during any period shown below is not an indication that the underlier is more or less likely to increase or decrease at any time during the term of the notes.

    The historical levels of the underlier are provided for informational purposes only. You should not take the historical levels of the underlier as an indication of its future
          performance. We cannot give you any assurance that the future performance of the underlier or the underlier stocks will result in your receiving an amount greater than the original issue price at maturity. Neither we nor any of our affiliates makes
          any representation to you as to the performance of the underlier. Moreover, in light of current market conditions, the trends reflected in the historical performance of the underlier may be less likely to be indicative of the performance of the
          underlier over the term of the notes than would otherwise have been the case. The actual performance of the underlier over the term of the notes, as well as the cash settlement amount, may bear little relation to the historical levels shown below.

    The graph below shows the daily historical closing levels of the underlier from December 19, 2009 through December 19, 2019. We obtained the closing levels of the underlier listed in
          the graph below from Bloomberg Financial Services, without independent verification. Bloomberg Financial Services reports the levels of the underlier to fewer decimal places than the underlier sponsor.

    Historical Performance of the MSCI EAFE® Index

    SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES

    The following disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product prospectus supplement dated September 20, 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 underlier or the notes (for
          example, upon the underlier 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
          underlier 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.

    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.

    SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

    We have agreed to sell to RBCCM, and RBCCM has agreed to purchase from us, the principal amount of the notes specified, at the price specified, on the cover page of this pricing
          supplement. RBCCM has informed us that, as part of its distribution of the notes, it will reoffer them at a purchase price equal to 100.00% of the principal amount to one or more other dealers who will sell them to their customers. In the future,
          RBCCM or one of its affiliates, may repurchase and resell the notes in market-making transactions, with resales being made at prices related to prevailing market prices at the time of resale or at negotiated prices. For more information about the
          plan of distribution, the distribution agreement and possible market-making activities, see “Supplemental Plan of Distribution” in the accompanying prospectus supplement. For additional information as to the relationship between us and RBCCM, please
          see the section “Plan of Distribution―Conflicts of Interest” in the accompanying prospectus.

    RBCCM, acting as agent for Royal Bank of Canada, will not receive an underwriting discount in connection with the sale of the notes.

    We will deliver the notes against payment therefor in New York, New York on December 27, 2019, which is the fifth scheduled business day following the trade date. Under Rule 15c6-1
          of the Securities Exchange Act of 1934, 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 notes on any date
          prior to two business days before delivery will be required, by virtue of the fact that the notes will settle in five business days (T + 5), to specify alternative settlement arrangements to prevent a failed settlement.

    RBCCM may use this pricing supplement in the initial sale of the notes. In addition, RBCCM or any other affiliate of Royal Bank of Canada may use this pricing supplement in a
          market-making transaction in a note after its initial sale. Unless RBCCM or its agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.

    RBCCM or another of our affiliates may make a market in the notes after the trade date; however, it is not obligated to do so. The price that it makes available from time to time after the issue date at
          which it would be willing to repurchase the notes will generally reflect its estimate of their value. That estimated value will be based upon a variety of factors, including then prevailing market conditions, our creditworthiness and transaction
          costs. However, for a period of approximately three months after the trade date, the price at which RBCCM may repurchase the notes is expected to be higher than their estimated value at that time. This is because, at the beginning of this period,
          that price will not include certain costs that were included in the original issue price, particularly our hedging costs and profits. As the period continues, these costs are expected to be gradually included in the price that RBCCM would be willing
          to pay, and the difference between that price and RBCCM’s estimate of the value of the notes will decrease over time until the end of this period. After this period, if RBCCM continues to make a market in the notes, the prices that it would pay for
          them are expected to reflect its estimated value, as well as customary bid-ask spreads for similar trades. In addition, the value of the notes shown on your account statement may not be identical to the price at which RBCCM would be willing to
          purchase the notes at that time, and could be lower than RBCCM’s price. RBCCM and each dealer through which we may offer the notes has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to,
          any retail investor in the European Economic Area (“EEA”). For these purposes, the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to
          enable an investor to decide to

    purchase or subscribe the notes, and a “retail investor” means a person who is one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU
          (as amended, “MiFID II”); or (b) a customer, within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor
          as defined in Regulation (EU) (2017/1129) (the “Prospectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making
          them available to retail investors in the EEA has been prepared, and therefore, offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

    STRUCTURING THE NOTES

    The notes are our debt securities. As is the case for all of our debt securities, including our structured notes, the economic terms of the notes reflect our actual or perceived
          creditworthiness. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under these notes at a rate that is lower than the rate that we might pay for a
          conventional fixed or floating rate debt security of comparable maturity. This relatively lower implied borrowing rate, which is reflected in the economic terms of the notes, along with the fees and expenses associated with structured notes, reduced
          the initial estimated value of the notes at the time their terms were set.

    In order to satisfy our payment obligations under the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other
          derivatives) with RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate movements, and the tenor of the notes. The economic terms of
          the notes and their initial estimated value depend in part on the terms of these hedging arrangements. Our cost of hedging will include the projected profit that such counterparties expect to realize in consideration for assuming the risks inherent
          in hedging our obligations under the notes. Because hedging our obligations entails risks and may be influenced by market forces beyond the counterparties’ control, such hedging may result in a profit that is more or less than expected, or could
          result in a loss. See “Use of Proceeds and Hedging” on page PS-13 of the accompanying product prospectus supplement PB-1.

    The lower implied borrowing rate and the hedging-related costs relating to the notes reduce the economic terms of the notes to you and result in the initial estimated value for the
          notes on the trade date being less than their original issue price. See “Risk Factors—Our Initial Estimated Value of the Notes Is Less than the Original Issue Price.”

    TERMS INCORPORATED IN THE MASTER NOTE

    All of the terms appearing in the section “Summary Information,” including the items captioned “calculation agent” and “U.S. tax treatment,” in this pricing supplement, the terms
          appearing under the caption “General Terms of the Notes—Defeasance, Default Amount, Other Terms,” the terms appearing in the first five paragraphs under the caption “—Payment of Additional Amounts,” the terms appearing under the captions
          “—Unavailability of the Level of the Underlier,” “—Market Disruption Events,” and “— Default Amount on Acceleration” in the product prospectus supplement PB-1 and the applicable terms included in the Series H MTN prospectus supplement, dated
          September 7, 2018 and the prospectus, dated September 7, 2018 are incorporated into the master global security that represents the notes and is held by The Depository Trust Company.

    VALIDITY OF THE NOTES

    In the opinion of Norton Rose Fulbright Canada LLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of ours in conformity with the
          Indenture, and when the notes have been duly executed, authenticated and issued in accordance with the Indenture and delivered against payment therefor, the notes will be validly issued and, to the extent validity of the notes is a matter governed by
          the laws of the Province of Ontario or Québec, or the laws of Canada applicable therein, and will be valid obligations of ours, subject to equitable remedies which may only be granted at the discretion of a court of competent authority, subject to
          applicable bankruptcy, to rights to indemnity and contribution under the notes or the Indenture which may be limited by applicable law, to insolvency and other laws of general application affecting creditors’ rights, to limitations under applicable
          limitations statutes and subject to limitations as to the currency in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of
          Ontario and Québec and the federal laws of Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the Indenture and the genuineness of signatures and
          certain factual matters, all as stated in the letter of such counsel dated September 7, 2018, which has been filed as Exhibit 5.1 to our Form 6-K filed with the SEC dated September 7, 2018.

    In the opinion of Morrison & Foerster LLP, when the notes have been duly completed in accordance with the Indenture and issued and sold as contemplated by the prospectus supplement and the
          prospectus, the notes will be our valid, binding and enforceable obligations, entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness
          and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Esta
          opinion is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the Indenture and the genuineness of signatures and to such counsel’s reliance on us and other sources as to certain factual matters, all as
          stated in the legal opinion dated September 7, 2018, which has been filed as Exhibit 5.2 to our Form 6-K dated September 7, 2018.

    TABLE OF CONTENTS

    Pricing Supplement

    Summary Information

    PS-2

    Hypothetical Examples

    PS-4

    Additional Risk Factors Specific to Your Notes

    PS-7

    The Underlier

    PS-13

    Supplemental Discussion of U.S. Federal Income Tax Consequences

    PS-20

    Supplemental Plan of Distribution (Conflicts of Interest)

    PS-20

    Structuring the Notes

    PS-21

    Terms Incorporated in the Master Note

    PS-21

    Validity of the Notes

    PS-21

    Product Prospectus Supplement PB-1 dated September 20, 2018

    Summary

    PS-1

    Risk Factors

    PS-3

    General Terms of the Notes

    PS-4

    Hypothetical Returns on Your Notes

    PS-12

    Use of Proceeds and Hedging

    PS-13

    Historical Underlier Information

    PS-14

    Supplemental Discussion of Canadian Tax Consequences

    PS-15

    Supplemental Discussion of U.S. Federal Income Tax Consequences

    PS-16

    Employee Retirement Income Security Act

    PS-20

    Supplemental Plan of Distribution

    PS-21

    Prospectus Supplement dated September 7, 2018

    About This Prospectus Supplement

    yo

    Risk Factors

    S-1

    Use of Proceeds

    S-9

    Description of Notes We May Offer

    S-9

    Certain Income Tax Consequences

    S-29

    Supplemental Plan of Distribution

    S-32

    Documents Filed as Part of the Registration Statement

    S-34

    Prospectus dated September 7, 2018

    Documents Incorporated by Reference

    yo

    Where You Can Find More Information

    ii

    Further Information

    ii

    About This Prospectus

    iii

    Risk Factors

    1

    Royal Bank of Canada

    1

    Presentation of Financial Information

    1

    Caution Regarding Forward-Looking Statements

    1

    Use of Proceeds

    2

    Consolidated Ratios of Earnings to Fixed Charges

    3

    Consolidated Capitalization and Indebtedness

    3

    Comparative per Share Market Price

    4 4

    Description of Debt Securities

    4 4

    Description of Common Shares

    28

    Description of Warrants

    30

    Tax Consequences

    37

    Plan of Distribution

    50

    Conflicts of Interest

    52

    Benefit Plan Investor Considerations

    53

    Limitations on Enforcement of U.S. Laws Against the Bank, Our Management and Others

    54

    Validity of Securities

    54

    Experts

    54

    Other Expenses of Issuance and Distribution

    55

    We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement, the accompanying product
              prospectus supplement PB-1, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. Estas
              documents are an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its respective date.

    $1,442,000

    Royal Bank of Canada

    Leveraged Buffered MSCI EAFE® Index-

    Linked Notes, due May 23, 2022

    RBC Capital Markets, LLC

    Fuente

    Descargo de responsabilidad

    Toda la información contenida en este sitio web se publica solo con fines de información general y no como un consejo de inversión. Cualquier acción que el lector realice sobre la información que se encuentra en nuestro sitio web es estrictamente bajo su propio riesgo. Nuestra prioridad es brindar información de alta calidad. Nos tomamos nuestro tiempo para identificar, investigar y crear contenido educativo que sea útil para nuestros lectores. Para mantener este estándar y continuar creando contenido de buena calidad. Pero nuestros lectores pueden basarse en su propia investigación.

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