Obligation Canadian Imperial Bank 8.5% ( US78013XX947 ) en USD

Société émettrice Canadian Imperial Bank
Prix sur le marché 100 %  ▲ 
Pays  Canada
Code ISIN  US78013XX947 ( en USD )
Coupon 8.5% par an ( paiement semestriel )
Echéance 03/08/2022 - Obligation échue



Prospectus brochure de l'obligation Royal Bank of Canada US78013XX947 en USD 8.5%, échue


Montant Minimal 1 000 USD
Montant de l'émission 687 000 USD
Cusip 78013XX94
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

Les détails relatifs à une obligation précédemment émise par la Royal Bank of Canada (RBC), l'une des plus grandes institutions financières du Canada reconnue pour sa solidité et sa portée internationale, sont désormais clos suite à son arrivée à maturité. Cet instrument financier, de type obligation, identifié par le code ISIN US78013XX947 et le code CUSIP 78013XX94, avait été émis par le Canada et était libellé en dollars américains (USD). Avec un taux d'intérêt nominal significatif de 8,5%, payable à une fréquence de deux fois par an (généralement semestrielle), cette obligation offrait un rendement attractif à ses porteurs. Le montant total de l'émission s'élevait à 687 000 USD, avec une taille minimale d'achat de 1 000 USD, rendant l'investissement accessible à une certaine catégorie d'investisseurs. Conformément à ses termes, l'obligation est arrivée à maturité le 3 août 2022, date à laquelle elle a été intégralement remboursée à 100% de sa valeur nominale sur le marché, attestant de la bonne exécution des engagements de l'émetteur envers les porteurs.







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424B2 1 form424b2.htm WO FANG 3NC6M AC 78013XX94
RBC Capital Markets®

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001







Pricing Supplement

Dated July 29, 2019

$687,000
To the Product Prospectus Supplement No. CCBN-1 Dated September 10,
Auto-Cal able Contingent Coupon Barrier
2018, the Prospectus Supplement Dated September 7, 2018 and the
Notes
Prospectus, Dated September 7, 2018
Linked to the Lesser Performing of Four
Equity
Securities, Due August 3, 2022
Royal Bank of Canada





Royal Bank of Canada is offering Auto-Cal able Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of four equity securities (each, a "Reference
Stock" and col ectively, the "Reference Stocks"). The Notes offered are senior unsecured obligations of Royal Bank of Canada, wil pay a quarterly Contingent Coupon at the
rate and under the circumstances specified below, and wil have the terms described in the documents described above, as supplemented or modified by this pricing
supplement.
Reference Stocks and Reference Stock Issuers

Initial Stock Prices

Coupon Barriers and Trigger Prices*
Amazon.com, Inc. ("AMZN")

$1,912.45

$956.23, which is 50.00% of its Initial Stock Price*
Facebook, Inc. ("FB")

$195.94

$97.97, which is 50.00% of its Initial Stock Price
Alphabet Inc. ("GOOGL")

$1,241.84

$620.92, which is 50.00% of its Initial Stock Price
Netflix Inc. ("NFLX")

$332.70

$166.35, which is 50.00% of its Initial Stock Price
* Rounded to two decimal places.
The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this pricing supplement, and "Risk Factors" beginning on page
PS-5 of the product prospectus supplement dated September 10, 2018 and page S-1 of the prospectus supplement dated September 7, 2018.
The Notes wil not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S.
government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing supplement is
truthful or complete. Any representation to the contrary is a criminal offense.
Issuer:
Royal Bank of Canada
Stock Exchange Listing:
None
Trade Date:
July 29, 2019
Principal Amount:
$1,000 per Note
Issue Date:
July 31, 2019
Maturity Date:
August 3, 2022
Observation Dates:
Quarterly, as set forth below.
Coupon Payment Dates:
Quarterly, as set forth below
Valuation Date:
July 29, 2022
Contingent Coupon Rate:
8.50% per annum
Contingent Coupon:
If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier on the applicable Observation Date, we wil pay the
Contingent Coupon applicable to the corresponding Observation Date. You may not receive any Contingent Coupons during the term of the
Notes.
Payment at Maturity (if held If the Notes are not previously cal ed, we wil pay you at maturity an amount based on the Final Stock Price of the Lesser Performing Reference
to maturity):
Stock:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price of the Lesser Performing
Reference Stock is less than its Trigger Price.
If the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, then the investor wil receive at maturity, for each
$1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return of the Lesser Performing Reference Stock)
Investors could lose some or al of their principal amount if the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger
Price.
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Call Feature:
If the closing price of each Reference Stock is greater than or equal to its Initial Stock Price starting on January 29, 2020 and on any
Observation Date thereafter, the Notes wil be automatical y cal ed for 100% of their principal amount, plus the Contingent Coupon applicable
to the corresponding Observation Date.
Call Settlement Dates:
The Coupon Payment Date corresponding to that Observation Date.
Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.
CUSIP:
78013XX94

Per Note

Total
Price to public(1)
100.00%

$687,000
Underwriting discounts and commissions(1)
2.25%

$15,457.50
Proceeds to Royal Bank of Canada
97.75%

$671,542.50
(1)Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or al of their underwriting discount or sel ing
concessions. The public offering price for investors purchasing the Notes in these accounts was between $977.50 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $937.09 per $1,000 in principal amount, which is less than the price to public. The actual value of the Notes at
any time wil reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more
detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of $22.50 per $1,000 in principal amount of the
Notes and used a portion of that commission to al ow sel ing concessions to other dealers of up to $22.50 per $1,000 in principal amount of the Notes. The other dealers may
forgo, in their sole discretion, some or al of their sel ing concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

SUMMARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement,
the product prospectus supplement, the prospectus supplement, and the prospectus.

General:
This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the "Notes")
linked to the lesser performing of four equity securities (the "Reference Stocks").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
July 29, 2019
Issue Date:
July 31, 2019
Valuation Date:
July 29, 2022
Maturity Date:
August 3, 2022
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Contingent Coupon:
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon
Payment Date, under the conditions described below:
· If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier on the
applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date.
· If the closing price of any of the Reference Stocks is less than its Coupon Barrier on the applicable
Observation Date, we will not pay you the Contingent Coupon applicable to that Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
Contingent Coupon
8.50% per annum (2.125% per quarter).
Rate:
Observation Dates:
Quarterly on October 29, 2019, January 29, 2020, April 29, 2020, July 29, 2020, October 29, 2020, January 29,
2021, April 29, 2021, July 29, 2021, October 29, 2021, January 31, 2022, April 29, 2022 and the Valuation Date.
Coupon Payment Dates:The Contingent Coupon, if payable, will be paid quarterly on November 1, 2019, February 3, 2020, May 4,
2020, August 3, 2020, November 3, 2020, February 3, 2021, May 4, 2021, August 3, 2021, November 3, 2021,
February 3, 2022, May 4, 2022 and the Maturity Date.
Record Dates:
The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon
Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon a call will be
payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable.
Call Feature:
If, starting on January 29, 2020 and on any Observation Date thereafter, the closing price of each Reference
Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called.
Payment if Called:
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 principal
amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call Settlement Date.
Call Settlement Dates: If the Notes are called on any Observation Date starting on January 29, 2020 or thereafter, the Call Settlement
Date will be the Coupon Payment Date corresponding to that Observation Date.
Initial Stock Price:
For each Reference Stock, its closing price on the Trade Date, as specified on the cover page of this pricing
supplement.
Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.

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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

Trigger Price and
For each Reference Stock, 50.00% of its Initial Stock Price, as specified on the cover page of this pricing
Coupon Barrier:
supplement.
Payment at Maturity (if If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of
not previously called
the Lesser Performing Reference Stock:
and
· If the Final Stock Price of the Lesser Performing Reference Stock is greater than or equal to its Trigger
held to maturity):
Price, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise
due on the Maturity Date.
· If the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger Price, you will receive
at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return of the Lesser Performing Reference Stock)
The amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that
is proportionate to the decline of the Lesser Performing Reference Stock from the Trade Date to the Valuation
Date. Investors in the Notes will lose some or all of their principal amount if the Final Stock Price of the Lesser
Performing Reference Stock is less than its Trigger Price.
Stock Settlement:
Not applicable. Payments on the Notes will be made solely in cash.
Reference Stock
With respect to each Reference Stock:
Return:
Final Stock Price ­ Initial Stock Price
Initial Stock Price
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Stocks will
Events:
result in the postponement of an Observation Date or the Valuation Date as to that Reference Stock, as
described in the product prospectus supplement, but not to any non-affected Reference Stock.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment:
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative
determination or a judicial ruling to the contrary) to treat the Notes as a callable pre-paid cash-settled
contingent income-bearing derivative contract linked to the Reference Stocks for U.S. federal income tax
purposes. However, the U.S. federal income tax consequences of your investment in the Notes are
uncertain and the Internal Revenue Service could assert that the Notes should be taxed in a manner that
is different from that described in the preceding sentence. Please see the section below, "Supplemental
Discussion of U.S. Federal Income Tax Consequences," and the discussion (including the opinion of our
counsel Morrison & Foerster LLP) in the product prospectus supplement dated September 10, 2018
under "Supplemental Discussion of U.S. Federal Income Tax Consequences," which apply to the Notes.
Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the
Notes after the Issue Date. The amount that you may receive upon sale of your Notes prior to maturity
may be less than the principal amount.
Listing:
The Notes will not be listed on any securities exchange.
Settlement:
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus
dated September 7, 2018).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on the cover page and pages P-
the Master Note:
2 and P-3 of this pricing supplement and the terms appearing under the caption "General Terms of the
Notes" in the product prospectus supplement dated September 10, 2018, as modified by this pricing
supplement.

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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus
supplement dated September 7, 2018 and the product prospectus supplement dated September 10, 2018, relating to our Senior Global
Medium Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will
have the meanings given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control.
The Notes vary from the terms described in the product prospectus supplement in several important ways. You should read
this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You
should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 7,
2018 and in the product prospectus supplement dated September 10, 2018, as the Notes involve risks not associated with conventional
debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You
may access these documents on the Securities and Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that
address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to Royal
Bank of Canada.

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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

HYPOTHETICAL EXAMPLES
The table set out below is included for il ustration purposes only. The table il ustrates the Payment at Maturity of the Notes (including the final Contingent
Coupon, if payable) for a hypothetical range of performance for the Lesser Performing Reference Stock, assuming the fol owing terms and that the Notes
are not automatical y cal ed prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$50.00, which is 50.00% of the hypothetical Initial Stock Price
Contingent Coupon Rate:
8.50% per annum (or 2.125% per quarter).
Contingent Coupon Amount:
$21.25 per quarter
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
* The hypothetical Initial Stock Price of $100 used in the examples below has been chosen for illustrative purposes only and does not represent the actual Initial
Stock Price of any Reference Stock. The actual Initial Stock Price for each Reference Stock is set forth on the cover page of this pricing supplement. We make no
representation or warranty as to which of the Reference Stocks will be the Lesser Performing Reference Stock. It is possible that the Final Stock Price
of each Reference Stock will be less than its Initial Stock Price.
Hypothetical Final Stock Prices are shown in the first column on the left. The second column shows the Payment at Maturity for a range of Final Stock
Prices on the Valuation Date. The third column shows the amount of cash to be paid on the Notes per $1,000 in principal amount. If the Notes are cal ed
prior to maturity, the hypothetical examples below wil not be relevant, and you wil receive on the applicable Coupon Payment Date, for each $1,000
principal amount, $1,000 plus the Contingent Coupon otherwise due on the Notes.
Hypothetical Final Stock Price of
the Lesser Performing
Payment at Maturity as
Cash Payment Amount per
Reference Stock
Percentage of Principal Amount
$1,000 in Principal Amount
$180.00
102.125%*
$1,021.25*
$170.00
102.125%*
$1,021.25*
$160.00
102.125%*
$1,021.25*
$150.00
102.125%*
$1,021.25*
$140.00
102.125%*
$1,021.25*
$125.00
102.125%*
$1,021.25*
$120.00
102.125%*
$1,021.25*
$110.00
102.125%*
$1,021.25*
$100.00
102.125%*
$1,021.25*
$90.00
102.125%*
$1,021.25*
$80.00
102.125%*
$1,021.25*
$60.00
102.125%*
$1,021.25*
$50.00
102.125%*
$1,021.25*
$49.99
49.99%
$499.90
$40.00
40.00%
$400.00
$30.00
30.00%
$300.00
$20.00
20.00%
$200.00
$10.00
10.00%
$100.00
$0.00
0%
$0.00
*Including the final Contingent Coupon, if payable.

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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

Hypothetical Examples of Amounts Payable at Maturity
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the
Notes have not been called.
Example 1: The price of the Lesser Performing Reference Stock increases by 25% from the Initial Stock Price of $100.00 to its
Final Stock Price of $125.00. Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its Trigger Price
and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash
payment of $1,000 per Note, despite the 25% appreciation in the price of the Lesser Performing Reference Stock.
Example 2: The price of the Lesser Performing Reference Stock decreases by 10% from the Initial Stock Price of $100.00 to its
Final Stock Price of $90.00. Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its Trigger Price
and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash
payment of $1,000 per Note, despite the 10% decline in the price of the Lesser Performing Reference Stock.
Example 3: The price of the Lesser Performing Reference Stock is $40.00 on the Valuation Date, which is less than its Trigger
Price and Coupon Barrier. Because the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price and
its Coupon Barrier, the final Contingent Coupon will not be payable on the Maturity Date, and we will pay only $400.00 for each $1,000
in the principal amount of the Notes, calculated as follows:
Principal Amount + (Principal Amount x Reference Stock Return of the Lesser Performing Reference Stock)
= $1,000 + ($1,000 x -60.00%) = $1,000 - $600.00 = $400.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on prices of the Reference Stocks that may not be
achieved on the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the
Maturity Date or at any other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical
Payments at Maturity shown above, and those amounts should not be viewed as an indication of the financial return on an investment in
the Notes.

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Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference
Stocks. These risks are explained in more detail in the section "Risk Factors" in the product prospectus supplement. In addition to the
risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:
·
Principal at Risk -- Investors in the Notes could lose all or a substantial portion of their principal amount if there is a decline in
the trading price of the Lesser Performing Reference Stock between the Trade Date and the Valuation Date. If the Notes are
not automatically called and the Final Stock Price of the Lesser Performing Reference Stock on the Valuation Date is less than

its Trigger Price, the amount of cash that you receive at maturity will represent a loss of your principal that is proportionate to
the decline in the closing price of the Lesser Performing Reference Stock from the Trade Date to the Valuation Date. Any
Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.
·
The Notes Are Subject to an Automatic Call -- If on any Observation Date on or after January 29, 2020, the closing price of
each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called. If the Notes
are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive

$1,000 plus the Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent
Coupons after the Call Settlement Date. You may be unable to reinvest your proceeds from the automatic call in an investment
with a return that is as high as the return on the Notes would have been if they had not been called.
·
You May Not Receive Any Contingent Coupons -- We will not necessarily make any coupon payments on the Notes. If the
closing price of any of the Reference Stocks on an Observation Date is less than its Coupon Barrier, we will not pay you the
Contingent Coupon applicable to that Observation Date. If the closing price of any of the Reference Stocks is less than its
Coupon Barrier on each of the Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons

during the term of, and you will not receive a positive return on your Notes. Generally, this non-payment of the Contingent
Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent
Coupon on the Maturity Date, you will also incur a loss of principal, because the Final Stock Price of the Lesser Performing
Reference Stock will be less than its Trigger Price.
·
The Notes Are Linked to the Lesser Performing Reference Stock, Even if the Other Reference Stocks Perform Better --
If any of the Reference Stocks has a Final Stock Price that is less than its Trigger Price, your return will be linked to the lesser
performing of the four Reference Stocks. Even if the Final Stock Prices of the other Reference Stocks have increased

compared to their respective Initial Stock Prices, or have experienced a decrease that is less than that of the Lesser Performing
Reference Stock, your return will only be determined by reference to the performance of the Lesser Performing Reference
Stock, regardless of the performance of the other Reference Stocks. Because each Reference Stock Issuer operates in the
technology industry, they may each experience simultaneous and significant declines due to adverse conditions in that industry.
·
Your Payment on the Notes Will Be Determined by Reference to Each Reference Stock Individually, Not to a Basket,
and the Payment at Maturity Will Be Based on the Performance of the Lesser Performing Reference Stock -- The
Payment at Maturity will be determined only by reference to the performance of the Lesser Performing Reference Stock,
regardless of the performance of the other Reference Stocks. The Notes are not linked to a weighted basket, in which the risk
may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted

basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket
return. As a result, the depreciation of one basket component could be mitigated by the appreciation of the other basket
components, as scaled by the weighting of that basket component. However, in the case of the Notes, the individual
performance of each of the Reference Stocks would not be combined, and the depreciation of one Reference Stock would not
be mitigated by any appreciation of the other Reference Stocks. Instead, your return will depend solely on the Final Stock Price
of the Lesser Performing Reference Stock.
·
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return -- The return potential of the Notes is
limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference Stocks. In addition, the
total return on the Notes will vary based on the number of Observation Dates on which the Contingent Coupon becomes

payable prior to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any
Contingent Coupons or any other payment in respect of any Observation Dates after the applicable Call Settlement Date. Since
the Notes could be called as early as January 29, 2020, the total return on the Notes could be minimal. If the Notes are not
called, you may be subject to the full downside performance of the Lesser Performing Reference Stock even though your

P-7
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013835/form424b2.htm
8/17


8/1/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013835/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

potential return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less
than the return on a direct investment in the Reference Stocks.
·
Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity -- The return that
you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even

if your return is positive, your return may be less than the return you would earn if you bought a conventional senior interest
bearing debt security of Royal Bank.
·
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the
Market Value of the Notes -- The Notes are our senior unsecured debt securities. As a result, your receipt of any Contingent

Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay our obligations
on the applicable payment dates. This will be the case even if the prices of the Reference Stocks increase after the Trade Date.
No assurance can be given as to what our financial condition will be during the term of the Notes.
·
There May Not Be an Active Trading Market for the Notes-Sales in the Secondary Market May Result in Significant
Losses -- There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange.
RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any

other affiliate of ours may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it
may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary
market would be high. As a result, the difference between bid and asked prices for your Notes in any secondary market could
be substantial.
·
The Initial Estimated Value of the Notes Is Less than the Price to the Public -- The initial estimated value that is set forth
on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates
would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior
to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to,
among other things, changes in the prices of the Reference Stocks, the borrowing rate we pay to issue securities of this kind,
and the inclusion in the price to the public of the underwriting discount and the estimated costs relating to our hedging of the
Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to

reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in
complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at
which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price
would not be expected to include the underwriting discount and the hedging costs relating to the Notes. In addition to bid-ask
spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the
secondary rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As a
result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be short-term
trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
·
The Initial Estimated Value on the Cover Page of this Pricing Supplement Is an Estimate Only, Calculated as of the
Time the Terms of the Notes Were Set -- The initial estimated value of the Notes is based on the value of our obligation to
make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes.

See "Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads,
expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on
certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities
at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any
secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.
·
Market Disruption Events and Adjustments -- The payment at maturity, each Observation Date and the Valuation Date are
subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market

disruption event as well as the consequences of that market disruption event, see "General Terms of the Notes--Market
Disruption Events" in the product prospectus supplement.
·
Our Business Activities May Create Conflicts of Interest -- We and our affiliates expect to engage in trading activities

related to the Reference Stocks that are not for the account of holders of the Notes or on their behalf. These trading activities
may present a conflict between the holders' interests in the Notes and the interests we and our affiliates will have in their

P-8
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013835/form424b2.htm
9/17


8/1/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013835/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada

proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in
accounts under their management. These trading activities, if they influence the share price of the Reference Stocks, could be
adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future,
engage in business with the Reference Stock Issuers, including making loans to or providing advisory services. These services
could include investment banking and merger and acquisition advisory services. These activities may present a conflict
between our or one or more of our affiliates' obligations and your interests as a holder of the Notes. Moreover, we and our
affiliates may have published, and in the future expect to publish, research reports with respect to the Reference Stocks. This
research is modified from time to time without notice and may express opinions or provide recommendations that are
inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the
share price of the Reference Stocks, and, therefore, the market value of the Notes.
·
Owning the Notes Is Not the Same as Owning the Reference Stocks -- The return on your Notes is unlikely to reflect the
return you would realize if you actually owned shares of the Reference Stocks. For instance, you will not receive or be entitled
to receive any dividend payments or other distributions on these securities during the term of your Notes. As an owner of the

Notes, you will not have voting rights or any other rights that holders of these securities may have. Furthermore, the Reference
Stocks may appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable
Contingent Coupon payments.
·
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Stocks -- In the ordinary
course of their business, our affiliates may have expressed views on expected movements in the Reference Stocks, and may
do so in the future. These views or reports may be communicated to our clients and clients of our affiliates. However, these

views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any
Reference Stock may at any time have significantly different views from those of our affiliates. For these reasons, you are
encouraged to derive information concerning the Reference Stocks from multiple sources, and you should not rely solely on
views expressed by our affiliates.
·
There Is No Affiliation Between the Reference Stock Issuers and RBCCM, and RBCCM Is Not Responsible for any
Disclosure by the Reference Stock Issuers -- We are not affiliated with the Reference Stock Issuers. However, we and our

affiliates may currently, or from time to time in the future engage, in business with any Reference Stock Issuer. Nevertheless,
neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other
company prepares. You, as an investor in the Notes, should make your own investigation into the Reference Stocks.

P-9
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013835/form424b2.htm
10/17