Obbligazione Canadian Imperial Bank 0% ( US78012KP843 ) in USD

Emittente Canadian Imperial Bank
Prezzo di mercato 100 USD  ▼ 
Paese  Canada
Codice isin  US78012KP843 ( in USD )
Tasso d'interesse 0%
Scadenza 21/02/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78012KP843 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 933 000 USD
Cusip 78012KP84
Standard & Poor's ( S&P ) rating N/A
Moody's rating Aa1 ( High grade - Investment-grade )
Descrizione dettagliata La Royal Bank of Canada (RBC) è una delle più grandi banche del Canada, con attività a livello globale nei settori della gestione patrimoniale, dei servizi finanziari e dell'investimento.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78012KP843, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 21/02/2023

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78012KP843, was rated Aa1 ( High grade - Investment-grade ) by Moody's credit rating agency.







424B2 1 form424b2.htm SX5E PPN
RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 0 8 5 0 7






Pricing Supplement

$933,000
Dated May 15, 2017
Notes Linked to the EURO STOXX 50®
To the Product Prospectus Supplement ERN-EI-1 Dated January
Index,
12, 2016, Prospectus Supplement Dated January 8, 2016, and
Prospectus Dated January 8, 2016
Due February 21, 2023
Royal Bank of Canada


Royal Bank of Canada is offering the notes (the "Notes") linked to the performance of the EURO STOXX 50® Index (the "Reference Asset").
The CUSIP number for the Notes is 78012KP84. The Notes do not pay interest. The Notes provide a one-for-one positive return if the level of
the Reference Asset increases from the Initial Level to the Final Level, subject to a Maximum Redemption Amount of $1,500 per $1,000 in
principal amount. If the Final Level of the Reference Asset is equal to or less than the Initial Level, the investor will receive the principal amount
at maturity, and no additional payment. Any payments on the Notes are subject to our credit risk.
Issue Date: May 18, 2017
Maturity Date: February 21, 2023
The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-1 of the prospectus supplement dated January 8,
2016, "Additional Risk Factors Specific to the Notes" beginning on page PS-4 of the product prospectus supplement dated January 12, 2016,
and "Selected Risk Considerations" on page P-6 of this pricing supplement.
N on -U .S. holde rs w ill not be subje c t t o w it hholding on divide nd e quiva le nt pa ym e nt s unde r Se c t ion 8 7 1 (m ) of t he
U .S. I nt e rna l Re ve nue Code . Ple a se se e t he se c t ion be low , "Supple m e nt a l Disc ussion of U .S. Fe de ra l I nc om e T a x
Conse que nc e s", w hic h a pplie s t o t he N ot e s.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or
any other Canadian or U.S. government agency or instrumentality.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Per Note

Total
Price to public(1)
100.00%

$933,000
Underwriting discounts and commissions(1)
2.75%

$25,657.50
Proceeds to Royal Bank of Canada
97.25%

$907,342.50
(1) Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their underwriting discount or selling
concessions. The public offering price for investors purchasing the Notes in these accounts may be between $972.50 and $1,000 per $1,000 in principal
amount.
The initial estimated value of the Notes as of the date of this pricing supplement is $946.87 per $1,000 in principal amount, which is less than the price to
public. The actual value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We
describe our determination of the initial estimated value in more detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of $27.50 per $1,000 in
principal amount of the Notes and used a portion of that commission to allow selling concessions to other dealers of up to $27.50 per $1,000 in principal
amount of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution
(Conflicts of Interest)" below.
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RBC Capital Markets, LLC



Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


SU M M ARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the
product prospectus supplement, the prospectus supplement, and the prospectus.
Issuer:
Royal Bank of Canada ("Royal Bank")
Issue:
Senior Global Medium-Term Notes, Series G
Underwriter:
RBC Capital Markets, LLC ("RBCCM")
Reference Asset:
EURO STOXX 50® Index
Bloomberg Ticker:
SX5E
Currency:
U.S. Dollars
Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess thereof
Pricing Date:
May 15, 2017
Issue Date:
May 18, 2017
CUSIP:
78012KP84
Valuation Date:
February 15, 2023
Payment at Maturity (if
If, on the Valuation Date, the Percentage Change is posit ive , then the investor will receive an amount
held to maturity):
per $1,000 principal amount per Note equal to:
Principal Amount + (Principal Amount x Percentage Change),
subject to the Maximum Redemption Amount.
If, on the Valuation Date, the Percentage Change is le ss t ha n or e qua l t o 0 % , then the investor will
receive the principal amount only.
Percentage Change:
The Percentage Change, expressed as a percentage, is calculated using the following formula:

Maximum Redemption
$1,500 per $1,000 in principal amount.
Amount:
Initial Level:
$3,641.88, which was the closing level of the Reference Asset on the Pricing Date.
Final Level:
The closing level of the Reference Asset on the Valuation Date.
Maturity Date:
February 21, 2023, subject to extension for market and other disruptions, as described in the product
prospectus supplement dated January 12, 2016.
Term:
Approximately five (5) years and nine (9) months
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Calculation Agent:
RBCCM


P-2
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


U.S. Tax Treatment:
We intend to take the position that the Notes will be treated as debt instruments subject to the special
tax rules governing contingent payment debt instruments for U.S. federal income tax purposes. Please
see the section below, "Supplemental Discussion of U.S. Federal Income Tax Consequences" which
applies to the Notes.
Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, plans to maintain a secondary market in
the Notes after the Issue Date. T he a m ount t ha t you m a y re c e ive upon sa le of your N ot e s
prior t o m a t urit y m a y be le ss t ha n t he princ ipa l a m ount of your N ot e s.
Listing:
The Notes will not be listed on any securities exchange.
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus
dated January 8, 2016).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of this
the Master Note:
pricing supplement and the terms appearing under the caption "General Terms of the Notes" in the
product prospectus supplement dated January 12, 2016, as modified by this pricing supplement.


P-3
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated January 8, 2016, as supplemented by the prospectus
supplement dated January 8, 2016 and the product prospectus supplement dated January 12, 2016, relating to our Senior Global
Medium-Term Notes, Series G, 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 pric ing supple m e nt 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
January 8, 2016 and "Additional Risk Factors Specific to the Notes" in the product prospectus supplement dated January 12, 2016,
https://www.sec.gov/Archives/edgar/data/1000275/000114036117021070/form424b2.htm[5/18/2017 10:04:18 AM]


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 January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement ERN-EI-1 dated January 12, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047560/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.


P-4
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


H Y POT H ET I CAL RET U RN S
The examples set out below are included for illustration purposes only. The hypot he t ic a l Percentage Changes of the Reference
Asset used to illustrate the calculation of the Payment at Maturity (rounded to two decimal places) are not estimates or forecasts of
the Final Level or the level of the Reference Asset on any trading day prior to the Maturity Date. All examples are based on the
Maximum Redemption Amount of $1,500 and assume that a holder purchased Notes with an aggregate principal amount of $1,000
and that no market disruption event occurs on the Valuation Date.
Example 1 --
Calculation of the Payment at Maturity where the Percentage Change is negative.

Percentage Change:
-10%

Payment at Maturity:
In this case, even though the Percentage Change is negative, you will receive
the principal amount of your Notes at maturity.

In this case, on a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of
$1,000.00, a 0.00% return on the Notes.

Example 2 --
Calculation of the Payment at Maturity where the Percentage Change is positive, but is less than the
return represented by the Maximum Redemption Amount.

Percentage Change:
10%

Payment at Maturity:
$1,000 + ($1,000 x 10%) = $1,000 + $100.00 = $1,100.00

On a $1,000 investment, a 10% Percentage Change results in a Payment at Maturity of $1,100.00, a
10.00% return on the Notes.


Example 3 --
Calculation of the Payment at Maturity where the Percentage Change is above the return represented by
the Maximum Redemption Amount.

Percentage Change:
60%
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Payment at Maturity:
In this case, as the Percentage Change is greater than the maximum return, you
will only receive $1,500 at maturity.


In this case, on a $1,000 investment, a 60% Percentage Change results in a Payment at Maturity of
$1,500, a 50% return on the Notes.


P-5
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


SELECT ED RI SK CON SI DERAT I ON S
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference
Asset. These risks are explained in more detail in the section "Additional Risk Factors Specific to the Notes," beginning on page
PS-4 of the product prospectus supplement. In addition to the risks described in the prospectus supplement and the product
prospectus supplement, you should consider the following:
·
Y ou M a y N ot Ea rn a Re t urn on Y our I nve st m e nt ­ The payment you will receive at maturity will depend on
whether the level of the Reference Asset increases from the Initial Level to the Final Level. If the level of the Reference
Asset decreases from the Initial Level to the Final Level (or if the level of the Reference Asset is unchanged), you will not
receive any positive return on the Notes and you will only receive the principal amount.
·
T he N ot e s Do N ot Pa y I nt e re st a nd Y our Re t urn M a y Be Low e r t ha n t he Re t urn on a Conve nt iona l
De bt Se c urit y of Com pa ra ble M a t urit y ­ There will be no periodic interest payments on the Notes as there would
be on a conventional fixed-rate or floating-rate debt security having the same maturity. The return that you will receive on
the Notes, which could be zero, 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. As a result, your investment in the Notes may not reflect the full opportunity cost to you when you
consider factors, such as inflation, that affect the time value of money.
·
Y our inve st m e nt re t urn is lim it e d a nd m a y be le ss t ha n a c om pa ra ble inve st m e nt dire c t ly in t he
st oc k s re pre se nt e d by t he Re fe re nc e Asse t ­ Your return on the Notes is limited to the Maximum Redemption
Amount, regardless of the extent to which the Final Level of the Reference Asset exceeds the Initial Level. In contrast, a
direct investment in the stocks represented by the Reference Asset would allow you to receive the benefit of any
appreciation in their value. Thus, any return on the notes will not reflect the return you would realize if you actually owned
any stocks represented by the Reference Asset.
·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are
Ex pe c t e d t o Affe c t t he M a rk e t V a lue of t he N ot e s ­ The Notes are Royal Bank's senior unsecured debt
securities. As a result, your receipt of the amount due on the maturity date is dependent upon Royal Bank's ability to
repay its obligations at that time. This will be the case even if the level of the Reference Asset increases after the Pricing
Date. No assurance can be given as to what our financial condition will be at the maturity of the Notes.
·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s--Sa le s in t he Se c onda ry M a rk e t M a y Re sult
in Signific a nt Losse s ­ There may be little or no secondary market for the Notes. The Notes will not be listed on any
securities exchange. RBCCM and other affiliates of Royal Bank may make a market for the Notes; however, they are not
required to do so. RBCCM or any other affiliate of Royal Bank may stop any market-making activities at any time. Even if
a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you.
We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and
asked prices for your Notes in any secondary market could be substantial.
·
Y ou Will N ot H a ve Any Right s t o t he Se c urit ie s I nc lude d in t he Re fe re nc e Asse t ­ As a holder of the
Notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of
securities included in the Reference Asset would have. The Final Level will not reflect any dividends paid on the securities
included in the Reference Asset, and accordingly, any positive return on the Notes may be less than the potential positive
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return on those securities.


P-6
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he Public ­ The initial estimated value
set forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of
our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to
sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated
value. This is due to, among other things, changes in the level of the Reference Asset, the borrowing rate we pay to issue
securities of this kind, and the inclusion in the price to the public of the underwriting discount and the estimated costs
relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the
term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market
and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or
any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than
your original purchase price, as any such sale price would not be expected to include the underwriting discount and the
hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined for any secondary
market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes
and determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was
used. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to
hold your Notes to maturity.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s a n Est im a t e Only, Ca lc ula t e d a s of t he T im e t he T e rm s of
t he N ot e s We re Se t ­ The initial estimated value of the Notes is based on the value of our obligation to make the
payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See
"Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads,
expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are
based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or
similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Pricing Date will vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in
any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Re la t ing t o N on -U .S. Se c urit ie s M a rk e t s - Because
foreign companies or foreign equity securities included in the Reference Asset are publicly traded in the applicable foreign
countries and are denominated in euro, an investment in the securities involves particular risks. For example, the non-U.S.
securities markets may be more volatile than the U.S. securities markets, and market developments may affect these
markets differently from the U.S. or other securities markets. Direct or indirect government intervention to stabilize the
securities markets outside the U.S., as well as cross-shareholdings in certain companies, may affect trading prices and
trading volumes in those markets. Also, the public availability of information concerning the foreign issuers may vary
depending on their home jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the
foreign issuers may be subject to accounting, auditing and financial reporting standards and requirements that differ from
those applicable to U.S. reporting companies.
The securities included in the Reference Asset are issued by companies located within the Eurozone, which is and has
been undergoing severe financial stress, and the political, legal and regulatory ramifications are


P-7
RBC Capital Markets, LLC

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Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


impossible to predict. Changes within the Eurozone could have a material adverse effect on the performance of the
Reference Asset and, consequently, on the value of the Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s ­ The payment at maturity and the Valuation Date are subject to
adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption
event as well as the consequences of that market disruption event, see "General Terms of the Notes--Market Disruption
Events" in the product prospectus supplement.
·
Y ou M a y Be Re quire d t o I nc lude I nc om e on t he N ot e s Ove r T he ir T e rm , Eve n T hough Y ou Will N ot
Re c e ive Any Pa ym e nt s U nt il M a t urit y -- The Notes are considered to be issued with original issue discount. You
will be required to include income on the Notes over their term based upon a comparable yield, even though you will not
receive any payments until maturity. You are urged to review the section entitled "Supplemental Discussion of U.S. Federal
Income Tax Consequences" and consult your own tax advisor.


P-8
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


I N FORM AT I ON REGARDI N G T H E REFEREN CE ASSET
All disclosures contained in this pricing supplement regarding the Reference Asset, including, without limitation, its make up,
method of calculation, and changes in its components, have been derived from publicly available sources. The information reflects
the policies of, and is subject to change by, STOXX Limited, as the sponsor of the Reference Asset ("STOXX"). STOXX, which
owns the copyright and all other rights to the Reference Asset, has no obligation to continue to publish, and may discontinue
publication of, the Reference Asset. The consequences of STOXX discontinuing publication of the Reference Asset are discussed
in the section of the product prospectus supplement entitled "General Terms of the Notes--Unavailability of the Level of the
Reference Asset on a Valuation Date." Neither we nor RBCCM accepts any responsibility for the calculation, maintenance or
publication of the Reference Asset or any successor index.
The Reference Asset was created by STOXX, a subsidiary of Deutsche Börse AG. Publication of the Reference Asset began in
February 1998, based on an initial index level of 1,000 at December 31, 1991.
Com posit ion a nd M a int e na nc e
The Reference Asset is composed of 50 component stocks of market sector leaders from within the 19 EURO STOXX®
Supersector indices, which represent the Eurozone portion of the STOXX Europe 600® Supersector indices.
The composition of the Reference Asset is reviewed annually, based on the closing stock data on the last trading day in August.
The component stocks are announced on the first trading day in September. Changes to the component stocks are implemented
on the third Friday in September and are effective the following trading day. Changes in the composition of the Reference Asset
are made to ensure that the Reference Asset includes the 50 market sector leaders from within the Reference Asset.
The free float factors for each component stock used to calculate the Reference Asset, as described below, are reviewed,
calculated, and implemented on a quarterly basis and are fixed until the next quarterly review.
The Reference Asset is also reviewed on an ongoing basis. Corporate actions (including initial public offerings, mergers and
https://www.sec.gov/Archives/edgar/data/1000275/000114036117021070/form424b2.htm[5/18/2017 10:04:18 AM]


takeovers, spin-offs, delistings, and bankruptcy) that affect the Reference Asset composition are immediately reviewed. Any
changes are announced, implemented, and effective in line with the type of corporate action and the magnitude of the effect.
Ca lc ula t ion of t he Re fe re nc e Asse t
The Reference Asset is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component
stocks against a fixed base quantity weight. The formula for calculating the Reference Asset value can be expressed as follows:
Free float market capitalization of the Reference Asset
Reference Asset =
x 1,000
Adjusted base date market capitalization of the Reference

Asset
The "free float market capitalization of the Reference Asset" is equal to the sum of the products of the closing price, market
capitalization, and free float factor for each component stock as of the time the Reference Asset is being calculated.
The Reference Asset is also subject to a divisor, which is adjusted to maintain the continuity of the Reference Asset values across
changes due to corporate actions, such as the deletion and addition of stocks, the substitution of stocks, stock dividends, and stock
splits.


P-9
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


Lic e nse Agre e m e nt
We have entered into a non-exclusive license agreement with STOXX providing for the license to us and certain of our affiliated or
subsidiary companies, in exchange for a fee, of the right to use indices owned and published by STOXX (including the Reference
Asset) in connection with certain securities, including the Notes offered hereby.
The license agreement between us and STOXX requires that the following language be stated in this document:
STOXX has no relationship to us, other than the licensing of the Reference Asset and the related trademarks for use in connection
with the Notes. STOXX does not:
·
sponsor, endorse, sell, or promote the Notes;
·
recommend that any person invest in the Notes offered hereby or any other securities;
·
have any responsibility or liability for or make any decisions about the timing, amount, or pricing of the Notes;
·
have any responsibility or liability for the administration, management, or marketing of the Notes; or
·
consider the needs of the Notes or the holders of the Notes in determining, composing, or calculating the Reference
Asset, or have any obligation to do so.
STOXX will not have any liability in connection with the Notes. Specifically:
·
STOXX does not make any warranty, express or implied, and disclaims any and all warranty concerning:
·
the results to be obtained by the Notes, the holders of the Notes or any other person in connection with the use of the
Reference Asset and the data included in the Reference Asset;
·
the accuracy or completeness of the Reference Asset and its data;
·
the merchantability and the fitness for a particular purpose or use of the Reference Asset and its data;
https://www.sec.gov/Archives/edgar/data/1000275/000114036117021070/form424b2.htm[5/18/2017 10:04:18 AM]


·
STOXX will have no liability for any errors, omissions, or interruptions in the Reference Asset or its data; and
·
Under no circumstances will STOXX be liable for any lost profits or indirect, punitive, special, or consequential damages
or losses, even if STOXX knows that they might occur.
The licensing agreement between us and STOXX is solely for their benefit and our benefit, and not for the benefit of the holders of
the Notes or any other third parties.


P-10
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


H ist oric a l I nform a t ion
The graph below sets forth the information relating to the historical performance of the Reference Asset. In addition, below the graph is a table
setting forth the intra-day high, intra-day low and period-end closing levels of the Reference Asset. The information provided in this table is for
the four calendar quarters of 2012, 2013, 2014, 2015, 2016, the first quarter of 2017 and for the period from April 1, 2017 through May 15,
2017.
We obtained the information regarding the historical performance of the Reference Asset in the chart below from Bloomberg Financial Markets.
We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The historical
performance of the Reference Asset should not be taken as an indication of its future performance, and no assurance can be given as to the
Final Level of the Reference Asset. We cannot give you assurance that the performance of the Reference Asset will result in any positive return
on your initial investment.
EU RO ST OX X 5 0 ® I nde x ("SX 5 E")
Pe riod St a rt Da t e
Pe riod End Da t e
H igh I nt ra -Da y Le ve l
Low I nt ra -Da y Le ve l
Pe riod -End Closing Le ve l
1/1/2012
3/31/2012
2,611.42
2,279.73
2,477.28
4/1/2012
6/30/2012
2,509.93
2,050.16
2,264.72
7/1/2012
9/30/2012
2,604.77
2,142.46
2,454.26
10/1/2012
12/31/2012
2,668.23
2,427.32
2,635.93





1/1/2013
3/31/2013
2,754.80
2,563.64
2,624.02
4/1/2013
6/30/2013
2,851.48
2,494.54
2,602.59
7/1/2013
9/30/2013
2,955.47
2,539.15
2,893.15
10/1/2013
12/31/2013
3,116.23
2,891.39
3,109.00





1/1/2014
3/31/2014
3,185.68
2,944.13
3,161.60
4/1/2014
6/30/2014
3,325.50
3,083.43
3,228.24
7/1/2014
9/30/2014
3,301.15
2,977.52
3,225.93
https://www.sec.gov/Archives/edgar/data/1000275/000114036117021070/form424b2.htm[5/18/2017 10:04:18 AM]


10/1/2014
12/31/2014
3,278.97
2,789.63
3,146.43





1/1/2015
3/31/2015
3,742.42
2,998.53
3,697.38
4/1/2015
6/30/2015
3,836.28
3,374.18
3,424.30
7/1/2015
9/30/2015
3,714.26
2,973.16
3,100.67
10/1/2015
12/31/2015
3,524.04
3,036.17
3,267.52





1/1/2016
3/31/2016
3,266.01
2,672.73
3,004.93
4/1/2016
6/30/2016
3,156.86
2,678.27
2,864.74
7/1/2016
9/30/2016
3,101.75
2,742.66
3,002.24
10/1/2016
12/28/2016
3,290.52
2,937.98
3,290.52





1/1/2017
3/31/2017
3,500.93
3,214.31
3,500.93
4/1/2017
5/15/2017
3,666.80
3,407.33
3,641.88
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.


P-11
RBC Capital Markets, LLC


Notes Linked to the EURO STOXX 50®
Index,
Due February 21, 2023


SU PPLEM EN T AL DI SCU SSI ON OF
U .S. FEDERAL I N COM E T AX CON SEQU EN CES
The following is a general description of the material U.S. tax considerations relating to the Notes. It does not purport to be a
complete analysis of all tax considerations relating to the Notes. Prospective purchasers of the Notes should consult their tax
advisors as to the consequences under the tax laws of the country of which they are resident for tax purposes and the tax laws of
the U.S. of acquiring, holding and disposing of the Notes and receiving payments under the Notes. This summary is based upon
the law as in effect on the date of this document and is subject to any change in law that may take effect after such date.
The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus and prospectus
supplement and it supersedes the discussion of U.S. federal income taxation in the accompanying product prospectus supplement.
It applies only to those holders who are not excluded from the discussion of U.S. federal income taxation in the accompanying
prospectus. This discussion applies only to holders that will purchase the Notes upon original issuance and will hold the Notes as
capital assets for U.S. federal income tax purposes.
You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the
Notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes
in federal or other tax laws.
NO STATUTORY, JUDICIAL OR ADMINISTRATIVE AUTHORITY DIRECTLY DISCUSSES HOW THE NOTES SHOULD BE
TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES. AS A RESULT, THE U.S. FEDERAL INCOME TAX CONSEQUENCES
OF AN INVESTMENT IN THE NOTES ARE UNCERTAIN. BECAUSE OF THE UNCERTAINTY, YOU SHOULD CONSULT YOUR
TAX ADVISOR IN DETERMINING THE U.S. FEDERAL INCOME TAX AND OTHER TAX CONSEQUENCES OF YOUR
INVESTMENT IN THE NOTES, INCLUDING THE APPLICATION OF STATE, LOCAL OR OTHER TAX LAWS AND THE
POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.
We will not attempt to ascertain whether any of the entities whose stock is included in the Reference Asset would be treated as a
"passive foreign investment company" within the meaning of Section 1297 of the Code, or a "U.S. real property holding corporation,"
within the meaning of Section 897 of the Code. If any of the entities whose stock is included in the Reference Asset were so
treated, certain adverse U.S. federal income tax consequences could possibly apply to a holder. You should refer to any available
information filed with the SEC and other authorities by the entities whose stock is included in the Reference Asset and consult your
https://www.sec.gov/Archives/edgar/data/1000275/000114036117021070/form424b2.htm[5/18/2017 10:04:18 AM]


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