Obbligazione Canadian Imperial Bank 0% ( US78015KLG75 ) in USD

Emittente Canadian Imperial Bank
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US78015KLG75 ( in USD )
Tasso d'interesse 0%
Scadenza 08/09/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78015KLG75 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 1 250 000 USD
Cusip 78015KLG7
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
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.

Le Royal Bank of Canada ha emesso un'obbligazione (ISIN: US78015KLG75, CUSIP: 78015KLG7) denominata in USD, con scadenza 08/09/2025, tasso di interesse 0%, prezzo di mercato attuale al 100%, dimensione totale dell'emissione di 1.250.000 unità, taglio minimo di 1.000 unità e frequenza di pagamento semestrale.







424B2 1 form424b2.htm WO SPX DJIA RUSS ISS CALL 78015KLG7
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 2 7 0 0 1
Pricing Supplement
$1,250,000
Issuer Callable Contingent Coupon Barrier Notes
Dated March 3, 2020
Linked to the Lesser Performing of Three
To the Product Prospectus Supplement No. CCBN-2, Dated
Equity Indices, Due September 8, 2025
September 10, 2018, the Prospectus Supplement Dated September 7,
Royal Bank of Canada
2018, and the Prospectus Dated September 7, 2018
Royal Bank of Canada is offering Issuer Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of three equity indices (each, a
"Reference Index" and collectively, the "Reference Indices"). The Notes are our senior unsecured obligations, will pay a quarterly Contingent Coupon at the rate and under
the circumstances specified below, and will have the terms described in the documents described above, as supplemented or modified by this pricing supplement.
Re fe re nc e I ndic e s
I nit ia l Le ve ls
Coupon Ba rrie rs a nd T rigge r Le ve ls*
S&P 500® Index ("SPX")
3,003.37
1,802.02, which is 60.00% of its Initial Level
Dow Jones Industrial Average® ("INDU")
25,917.41
15,550.45, which is 60.00% of its Initial Level
Russell 2000® Index ("RTY")
1,486.083
891.650, which is 60.00% of its Initial Level
* Rounded to two decimal places in the case of the SPX and the INDU, and three decimal places in the case of the RTY.
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-7 of this pricing supplement, and "Risk Factors" beginning on
page PS-5 of the product prospectus supplement dated September 10, 2018 and on page S-1 of the prospectus supplement dated September 7, 2018.
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. 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.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge List ing:
None
T ra de Da t e :
March 3, 2020
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
March 6, 2020
M a t urit y Da t e :
September 8, 2025
Obse rva t ion Da t e s: Quarterly, as set forth below.
Coupon Pa ym e nt Da t e s:
Quarterly, as set forth below.
V a lua t ion Da t e :
September 3, 2025
Cont inge nt Coupon Ra t e :
5.30% per annum
I nit ia l Le ve l:
For each Reference Index, its closing level on the Trade Date, as set forth in the table above.
Fina l Le ve l:
For each Reference Index, its closing level on the Valuation Date.
Cont inge nt Coupon:If the Notes have not been previously called, and if the closing level of e a c h Reference Index is greater than or equal to its Coupon Barrier on
the applicable Observation Date, we will pay the Contingent Coupon on the applicable Coupon Payment Date. You may not receive any
Contingent Coupons during the term of the Notes.
Pa ym e nt a t
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Index:
M a t urit y (if
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Level of the Lesser Performing Reference
he ld t o m a t urit y):
Index is less than its Trigger Level.
If the Final Level of the Lesser Performing Reference Index is less than its Trigger Level, then the investor will receive at maturity, for each $1,000
in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Underlying Return of the Lesser Performing Reference Index)
Investors in the Notes could lose some or all of their principal amount if the Final Level of the Lesser Performing Reference Index is
below its Trigger Level.
Le sse r Pe rform ing The Reference Index with the lowest Underlying Return.
Re fe re nc e I nde x :
Ca ll Fe a t ure :
The Notes may be called at our discretion on any Coupon Payment Date beginning in March 2021, if we send prior written notice, as described
below.
CU SI P:
78015KLG7
Per Note
Total
Price to public(1)
100.00%
$1,250,000
Underwriting discounts and commissions
1.30%
$16,250
Proceeds to Royal Bank of Canada
98.70%
$1,233,750
(1)Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling
concessions. The public offering price for investors purchasing the Notes in these accounts was between $987.00 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date was $950.94 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 $13.00 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 $13.00 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

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
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.
General:
This pricing supplement relates to an offering of Issuer Callable Contingent Coupon Barrier Notes (the
"Notes") linked to the lesser performing of three equity indices (the "Reference Indices").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
March 3, 2020
Issue Date:
March 6, 2020
Valuation Date:
September 3, 2025
Maturity Date:
September 8, 2025
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 level of e a c h Reference Index 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 level of a ny of t he Reference Indices 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
5.30% per annum (1.325% per quarter)
Rate:
Observation Dates:
Quarterly on June 3, 2020, September 3, 2020, December 3, 2020, March 3, 2021, June 3, 2021,
September 3, 2021, December 3, 2021, March 3, 2022, June 3, 2022, September 6, 2022, December 5,
2022, March 3, 2023, June 5, 2023, September 5, 2023, December 4, 2023, March 4, 2024, June 3, 2024,
September 3, 2024, December 3, 2024, March 3, 2025, June 3, 2025 and the Valuation Date.
Coupon Payment
The Contingent Coupon, if payable, will be paid quarterly on June 8, 2020, September 9, 2020, December
Dates:
8, 2020, March 8, 2021, June 8, 2021, September 9, 2021, December 8, 2021, March 8, 2022, June 8,
2022, September 9, 2022, December 8, 2022, March 8, 2023, June 8, 2023, September 8, 2023, December
7, 2023, March 7, 2024, June 6, 2024, September 6, 2024, December 6, 2024, March 6, 2025, June 6,
2025 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:
The Notes may be called at our discretion on any Coupon Payment Date beginning in March 2021, if we
send written notice to the trustee at least three business days prior to that Coupon Payment Date.
Payment if Called:
If the Notes are called, then, on the applicable Coupon Payment Date, for each $1,000 principal amount,
you will receive $1,000 plus the Contingent Coupon otherwise due on that Coupon Payment Date (if
payable).
Initial Level:
For each Reference Index, its closing level on the Trade Date, as specified on the cover page of this
document.
Final Level:
For each Reference Index, its closing level on the Valuation Date.
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Coupon Barrier and
For each Reference Index, 60.00% of its Initial Level, as specified on the cover page of this
Trigger Level:
document.
P-2
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
Payment at Maturity (if If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of
not previously called
the Lesser Performing Reference Index:
and held to maturity):
· If the Final Level of the Lesser Performing Reference Index is greater than or equal to its Trigger
Level, 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 Level of the Lesser Performing Reference Index is less than its Trigger Level, you will
receive at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Underlying Return of the Lesser Performing Reference Index)
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 Index from the Trade Date to the
Valuation Date.
Investors in the Notes will lose some or all of their principal amount if the Final Level of the Lesser
Performing Reference Index is below its Trigger Level.
Underlying Return:
With respect to each Reference Index:
Final Level ­ Initial Level
Initial Level
Lesser Performing
The Reference Index with the lowest Underlying Return.
Reference Index:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Indices
Events:
will result in the postponement of an Observation Date or the Valuation Date as to that Reference
Index, as described in the product prospectus supplement, but not to any non-affected Reference
Index.
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 Indices 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
the Master Note:
pages P-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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P-3
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
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 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/1000275/000114036118038089/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

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
H Y POT H ET I CAL EX AM PLES
The table set out below is included for illustration purposes only. The table illustrates 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
Index, assuming the following terms and that the Notes are not called prior to maturity:
Hypothetical Initial Level (for each Reference Index):
1,000.00*
Hypothetical Trigger Level (for each Reference Index):
600.00, which is 60.00% of the hypothetical Initial Level
Hypothetical Coupon Barrier (for each Reference Index): 600.00, which is 60.00% of the hypothetical Initial Level
Contingent Coupon Rate:
5.30% per annum (or 1.325% per quarter)
Contingent Coupon Amount:
$13.25 per quarter
Principal Amount:
$1,000 per Note
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* The hypothetical Initial Level of 1,000.00 used in the examples below has been chosen for illustrative purposes only and
is not the actual Initial Level of any Reference Index. The actual Initial Levels for each Reference Index are set forth on the
cover page of this pricing supplement. We make no representation or warranty as to which of the Reference Indices
will be the Lesser Performing Reference Index. It is possible that the Final Level of each Reference Index will be
less than its Initial Level.
Hypothetical Final Levels of the Lesser Performing Reference Index are shown in the first column on the left. The second column shows the
Payment at Maturity as a percentage of the principal amount for a range of Final Levels. The third column shows the amount of cash to be paid
on the Notes per $1,000 in principal amount. If the Notes are called prior to maturity, the hypothetical examples below will not be relevant, and
you will receive on the applicable Coupon Payment Date, for each $1,000 principal amount, $1,000 plus the Contingent Coupon otherwise due
on the Notes.
Pa ym e nt a t M a t urit y a s
Ca sh Pa ym e nt Am ount
H ypot he t ic a l Fina l Le ve l of t he Le sse r
Pe rc e nt a ge of Princ ipa l
pe r $ 1 ,0 0 0 in Princ ipa l
Pe rform ing Re fe re nc e I nde x
Am ount
Am ount
1,300.00
101.325%*
$1,013.25*
1,200.00
101.325%*
$1,013.25*
1,100.00
101.325%*
$1,013.25*
1,000.00
101.325%*
$1,013.25*
900.00
101.325%*
$1,013.25*
800.00
101.325%*
$1,013.25*
700.00
101.325%*
$1,013.25*
600.00
101.325%*
$1,013.25*
599.90
59.99%
$599.90
500.00
50.00%
$500.00
400.00
40.00%
$400.00
300.00
30.00%
$300.00
250.00
25.00%
$250.00
0.00
0.00%
$0.00
* Including the final Contingent Coupon, if payable.
P-5
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y
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.
Ex a m ple 1 : T he le ve l of t he Le sse r Pe rform ing Re fe re nc e I nde x inc re a se s by 2 5 % from t he I nit ia l Le ve l t o
it s Fina l Le ve l of 1 ,2 5 0 .0 0 . Because the Final Level of the Lesser Performing Reference Index is greater than its Trigger
Level and 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 level of the Lesser Performing Reference Index.
Ex a m ple 2 : T he le ve l of t he Le sse r Pe rform ing Re fe re nc e I nde x de c re a se s by 2 0 % from t he I nit ia l Le ve l t o
it s Fina l Le ve l of 8 0 0 .0 0 . Because the Final Level of the Lesser Performing Reference Index is greater than its Trigger Level
and 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 20% decline in the level of the Lesser Performing Reference Index.
Ex a m ple 3 : T he le ve l of t he Le sse r Pe rform ing Re fe re nc e I nde x de c re a se s by 6 0 % from t he I nit ia l Le ve l t o
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it s Fina l Le ve l of 4 0 0 .0 0 , w hic h is le ss t ha n it s T rigge r Le ve l . Because the Final Level of the Lesser Performing
Reference Index is less than its Trigger Level and 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 Underlying Return of the Lesser Performing Reference Index)
= $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 levels of the Reference Indices 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 or on an investment in the securities included in any Reference Index.
P-6
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
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
Indices. 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:
·
Princ ipa l a t Risk -- Investors in the Notes could lose all or a substantial portion of their principal amount if there is a
decline in the level of the Lesser Performing Reference Index between the Trade Date and the Valuation Date. If the Notes
are not called and the Final Level of the Lesser Performing Reference Index is less than its Trigger Level, 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
level of the Lesser Performing Reference Index 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.
·
T he N ot e s Are Subje c t t o a n I ssue r Ca ll -- We may call the Notes at our discretion on any Coupon Payment Date
beginning in March 2021. If the Notes are called, then, on the applicable Coupon Payment Date, for each $1,000 in
principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Coupon Payment
Date. You will not receive any Contingent Coupons after that payment. You may be unable to reinvest your proceeds from
the 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. We are more likely to call the Notes if we anticipate that the yield on the Notes will exceed that payable on our
conventional debt securities.
·
Y ou M a y N ot Re c e ive Any Cont inge nt Coupons -- We will not necessarily make any coupon payments on the
Notes. If the closing level of any of the Reference Indices 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 level of any of the Reference Indices
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 Level of
the Lesser Performing Reference Index will be less than its Trigger Level.
·
T he N ot e s Are Link e d t o t he Le sse r Pe rform ing Re fe re nc e I nde x , Eve n if t he Ot he r Re fe re nc e I ndic e s
Pe rform Be t t e r -- If any of the Reference Indices has a Final Level that is less than its Trigger Level, your return will be
linked to the lesser performing of the three Reference Indices. Even if the Final Levels of the other Reference Indices have
increased compared to their respective Initial Levels, or have experienced a decrease that is less than that of the Lesser
Performing Reference Index, your return will only be determined by reference to the performance of the Lesser Performing
Reference Index, regardless of the performance of the other Reference Indices. Because each Reference Index tracks a
different segment of the U.S. securities markets, it is possible that all three will decline in value during the term of the
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Notes.
·
Y our Pa ym e nt on t he N ot e s Will Be De t e rm ine d by Re fe re nc e t o Ea c h Re fe re nc e I nde x I ndividua lly,
N ot t o a Ba sk e t , a nd t he Pa ym e nt a t M a t urit y Will Be Ba se d on t he Pe rform a nc e of t he Le sse r
Pe rform ing Re fe re nc e I nde x -- The Payment at Maturity will be determined only by reference to the performance of
the Lesser Performing Reference Index, regardless of the performance of the other Reference Indices. 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 Indices would
not be combined, and the depreciation of one Reference Index would not be mitigated by any appreciation of the other
Reference Indices. Instead, your return will depend solely on the Final Level of the Lesser Performing Reference Index.
P-7
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
·
T he Ca ll Fe a t ure a nd t he Cont inge nt Coupon Fe a t ure Lim it Y our Pot e nt ia l Re t urn -- The return potential
of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference
Indices. 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 issuer 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 Coupon Payment Date. Since the Notes could be called as early as March 2021, the total return on the Notes
could be limited to one year. If the Notes are not called, you may be subject to the full downside performance of the Lesser
Performing Reference Index even though your 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 securities included in the
Reference Indices.
·
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
-- 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.
·
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 our senior unsecured debt securities. As a
result, your receipt of any Contingent Coupons 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 levels of the Reference
Indices increase after the Trade Date. No assurance can be given as to what our financial condition will be at any time
during the term 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 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.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Se c urit ie s Re pre se nt e d by t he Re fe re nc e I ndic e s
-- The return on your Notes is unlikely to reflect the return you would realize if you actually owned the securities
represented by the Reference Indices. For instance, you will not receive or be entitled to receive any dividend payments or
other distributions on those 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 the Reference Indices may have. Furthermore, the Reference Indices may
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appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable Contingent
Coupon payments.
·
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
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 levels of the Reference Indices, 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
P-8
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
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 on t he Cove r Pa ge of t his Pric ing Supple m e nt 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 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.
·
I nc onsist e nt Re se a rc h -- Royal Bank or its affiliates may issue research reports on securities that are, or may
become, components of the Reference Indices. We may also publish research from time to time on financial markets and
other matters that may influence the levels of the Reference Indices or the value of the Notes, or express opinions or
provide recommendations that may be inconsistent with purchasing or holding the Notes or with the investment view
implicit in the Notes or the Reference Indices. You should make your own independent investigation of the merits of
investing in the Notes and the Reference Indices.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Assoc ia t e d in I nve st ing in St oc k s Wit h a Sm a ll M a rk e t
Ca pit a liza t ion ­ The RTY consists of stocks issued by companies with relatively small market capitalizations. These
companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization
companies. As a result, the level of the RTY may be more volatile than that of a market measure that does not track solely
small-capitalization stocks. Stock prices of small-capitalization companies are also generally more vulnerable than those of
large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization
companies may be thinly traded, and be less attractive to many investors if they do not pay dividends. In addition, small
capitalization companies are often less well-established and less stable financially than large-capitalization companies and
may depend on a small number of key personnel, making them more vulnerable to loss of those individuals. Small
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capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their target markets,
fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies may also
be more susceptible to adverse developments related to their products or services.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s -- 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.
P-9
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
I N FORM AT I ON REGARDI N G T H E REFEREN CE I N DI CES
All disclosures contained in this pricing supplement regarding the Reference Indices, including, without limitation, their make-up, method of
calculation, and changes in their components, have been derived from publicly available sources. The information reflects the policies of, and is
subject to change by, the applicable index sponsor. Each of these sponsors has no obligation to continue to publish, and may discontinue
publication of, the applicable Reference Index. The consequences of an index sponsor discontinuing publication of a Reference Index are
discussed in the section of the product prospectus supplement entitled "General Terms of the Notes--Unavailability of the Level of a Reference
Index." Neither we nor RBCCM accepts any responsibility for the calculation, maintenance or publication of any Reference Index or any
successor index.
S& P 5 0 0 ® I nde x ("SPX ")
The SPX is intended to provide an indication of the pattern of price movements among large-capitalization U.S. stocks. The calculation of the
level of the SPX is based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time
compared to the aggregate average market value of the common stocks of 500 similar companies during the base period of the years 1941
through 1943.
S&P calculates the SPX by reference to the prices of the constituent stocks of the SPX without taking account of the value of dividends paid on
those stocks. As a result, the return on the Notes will not reflect the return you would realize if you actually owned the SPX constituent stocks
and received the dividends paid on those stocks.
Effective with the September 2015 rebalance, consolidated share class lines will no longer be included in the SPX. Each share class line will be
subject to public float and liquidity criteria individually, but the company's total market capitalization will be used to evaluate each share class
line. This may result in one listed share class line of a company being included in the SPX while a second listed share class line of the same
company is excluded.
Com put a t ion of t he SPX
While S&P currently employs the following methodology to calculate the SPX, no assurance can be given that S&P will not modify or change this
methodology in a manner that may affect the payments on the Notes.
Historically, the market value of any component stock of the SPX was calculated as the product of the market price per share and the number of
then outstanding shares of such component stock. In March 2005, S&P began shifting the SPX halfway from a market capitalization weighted
formula to a float-adjusted formula, before moving the SPX to full float adjustment on September 16, 2005. S&P's criteria for selecting stocks for
the SPX did not change with the shift to float adjustment. However, the adjustment affects each company's weight in the SPX.
Under float adjustment, the share counts used in calculating the SPX reflect only those shares that are available to investors, not all of a
company's outstanding shares. Float adjustment excludes shares that are closely held by control groups, other publicly traded companies or
government agencies.
In September 2012, all shareholdings representing more than 5% of a stock's outstanding shares, other than holdings by "block owners," were
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removed from the float for purposes of calculating the SPX. Generally, these "control holders" will include officers and directors, private equity,
venture capital and special equity firms, other publicly traded companies that hold shares for control, strategic partners, holders of restricted
shares, ESOPs, employee and family trusts, foundations associated with the company, holders of unlisted share classes of stock, government
entities at all levels (other than government retirement/pension funds) and any individual person who controls a 5% or greater stake in a
company as reported in regulatory filings. However, holdings by block owners, such as depositary banks, pension funds, mutual funds and ETF
providers, 401(k) plans of the company, government retirement/pension funds, investment funds of insurance companies, asset managers and
investment funds, independent foundations and savings and investment plans, will ordinarily be considered part of the float.
Treasury stock, stock options equity participation units, warrants, preferred stock, convertible stock, and rights are not part of the float. Shares
held in a trust to allow investors in countries outside the country of domicile, such as depositary shares and Canadian exchangeable shares are
normally part of the float unless those shares form a control block.
For each stock, an investable weight factor ("IWF") is calculated by dividing the available float shares by the total shares outstanding. Available
float shares are defined as the total shares outstanding less shares held by control holders. This calculation is subject to a 5% minimum
threshold for control blocks. For example, if a company's officers and directors hold 3% of the company's shares, and no other control group
holds 5% of the company's shares, S&P would assign that company an IWF of 1.00, as no control group meets the 5%
P-10
RBC Capital Markets, LLC

Issuer Callable Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada
threshold. However, if a company's officers and directors hold 3% of the company's shares and another control group holds 20% of the
company's shares, S&P would assign an IWF of 0.77, reflecting the fact that 23% of the company's outstanding shares are considered to be
held for control. As of July 31, 2017, companies with multiple share class lines are no longer eligible for inclusion in the Reference Index.
Constituents of the Reference Index prior to July 31, 2017 with multiple share class lines will be grandfathered in and continue to be included in
the Reference Index. If a constituent company of the Reference Index reorganizes into a multiple share class line structure, that company will
remain in the Reference Index at the discretion of the S&P Index Committee in order to minimize turnover.
The SPX is calculated using a base-weighted aggregate methodology. The level of the SPX reflects the total market value of all 500 component
stocks relative to the base period of the years 1941 through 1943. An indexed number is used to represent the results of this calculation in order
to make the level easier to use and track over time. The actual total market value of the component stocks during the base period of the years
1941 through 1943 has been set to an indexed level of 10. This is often indicated by the notation 1941-43 = 10. In practice, the daily calculation
of the SPX is computed by dividing the total market value of the component stocks by the "index divisor." By itself, the index divisor is an
arbitrary number. However, in the context of the calculation of the SPX, it serves as a link to the original base period level of the SPX. The index
divisor keeps the SPX comparable over time and is the manipulation point for all adjustments to the SPX, which is index maintenance.
I nde x M a int e na nc e
Index maintenance includes monitoring and completing the adjustments for company additions and deletions, share changes, stock splits, stock
dividends, and stock price adjustments due to company restructuring or spinoffs. Some corporate actions, such as stock splits and stock
dividends, require changes in the common shares outstanding and the stock prices of the companies in the SPX, and do not require index
divisor adjustments.
To prevent the level of the SPX from changing due to corporate actions, corporate actions which affect the total market value of the SPX require
an index divisor adjustment. By adjusting the index divisor for the change in market value, the level of the SPX remains constant and does not
reflect the corporate actions of individual companies in the SPX. Index divisor adjustments are made after the close of trading and after the
calculation of the SPX closing level.
Changes in a company's total shares outstanding of 5% or more due to public offerings are made as soon as reasonably possible. Other
changes of 5% or more (for example, due to tender offers, Dutch auctions, voluntary exchange offers, company stock repurchases, private
placements, acquisitions of private companies or non-index companies that do not trade on a major exchange, redemptions, exercise of options,
warrants, conversion of preferred stock, notes, debt, equity participations, at-the-market stock offerings or other recapitalizations) are made
weekly, and are generally announced on Fridays for implementation after the close of trading the following Friday (one week later). If a 5% or
more share change causes a company's IWF to change by five percentage points or more, the IWF is updated at the same time as the share
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