Obligation Canadian Imperial Bank 0% ( US78013XSJ80 ) en USD

Canadian Imperial Bank

100 % ▼

Canada

US78013XSJ80 ( en USD )

01/09/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78013XSJ80 en USD 0%, échue

1 000 USD

2 738 000 USD

78013XSJ8

N/A

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

Une analyse détaillée d'un instrument d'emprunt obligataire émis par la Royal Bank of Canada, un des plus grands groupes bancaires du Canada et un acteur financier mondial de premier plan, reconnu pour sa solidité financière et la diversité de ses opérations couvrant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et les assurances, révèle les spécifications suivantes : cet instrument, identifié par le code ISIN US78013XSJ80 et le code CUSIP 78013XSJ8, était une obligation émise depuis le Canada, libellée en dollars américains (USD), avec une taille totale d'émission de 2 738 000 USD et une taille minimale à l'achat de 1 000 USD; affichant un prix de marché de 100% à son terme et caractérisée par un taux d'intérêt nominal de 0%, cette obligation est arrivée à complète maturité le 1er septembre 2022, date à laquelle elle a été intégralement remboursée, rendant sa fréquence de paiement semestrielle initialement prévue sans objet.

424B2 1 form424b2.htm PRICING SUPPLEMENT - 78013XSJ8
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

$2,738,000

Dated August 28, 2018
Notes Linked to the EURO STOXX 50® Index,
To the Product Prospectus Supplement ERN-EI-1 Dated
Due September 1, 2022
January 12, 2016, Prospectus Supplement Dated January 8,
Royal Bank of Canada
2016, and Prospectus Dated January 8, 2016

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 78013XSJ8. The Notes do not pay interest. If the level of the Reference Asset increases from the Initial
Level to the Final Level, the Notes provide a one-for-one return based on that increase. 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: August 31, 2018
Maturity Date: September 1, 2022
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.
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%

$2,738,000
Underwriting discounts and commissions(1)
3.00%

$82,140
Proceeds to Royal Bank of Canada
97.00%

$2,655,860
(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 $97 0.00 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 $938.30 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 $30.00 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 $30.00 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.
RBC Capital Markets, LLC

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Notes Linked to the EURO STOXX 50® Index

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:
August 28, 2018
Issue Date:
August 31, 2018
CUSIP:
78013XSJ8
Valuation Date:
August 29, 2022
Maturity Date:
September 1, 2022, subject to extension for market and other disruptions, as described in the product
prospectus supplement dated January 12, 2016.
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)
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:
Initial Level:
3,447.57, 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.
Calculation Agent:
RBCCM
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, may 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.

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RBC Capital Markets, LLC

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Notes Linked to the EURO STOXX 50® Index

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. In
addition to those terms, the following two sentences are also so incorporated into the master note: RBC
confirms that it fully understands and is able to calculate the effective annual rate of interest applicable to
the Notes based on the methodology for calculating per annum rates provided for in the Notes. RBC
irrevocably agrees not to plead or assert Section 4 of the Interest Act (Canada), whether by way of
defense or otherwise, in any proceeding relating to the Notes.

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RBC Capital Markets, LLC

Notes Linked to the EURO STOXX 50® Index

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,
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.

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RBC Capital Markets, LLC

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Notes Linked to the EURO STOXX 50® Index

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 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.

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.

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Notes Linked to the EURO STOXX 50® Index

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.
·
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.
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·
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. The stated payment by Royal Bank, including the
potential repayment of principal, only applies if you hold the Notes to maturity. Sales prior to maturity could result in a loss
on your investment.
·
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
return on those securities.
·
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

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RBC Capital Markets, LLC

Notes Linked to the EURO STOXX 50® Index

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 euros, 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
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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 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.
·
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 Asset. We may also publish research from time to time on financial markets and other matter
that may influence the levels of the Reference Asset or the value of the Notes, or express opinions or provide
recommendations that may be inconsistent with the purchasing or holding the Notes or with the investment view implicit in
the Notes or the Reference Asset. You should make your own independent investigation of the merits of investing in the
Notes and the Reference Asset.
·
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 Will 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 Ba se d U pon a Com pa ra ble
Y ie ld, 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.

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Notes Linked to the EURO STOXX 50® Index

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." 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 Limited, 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 monthly basis. Corporate actions (including initial public offerings, mergers
and takeovers, spin-offs, delistings, and bankruptcy) that affect the Reference Asset composition are announced immediately,
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implemented two trading days later and become effective on the next trading day after implementation.
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 =

Divisor
The "free float market capitalization of the Reference Asset" is equal to the sum of the products of the price, the number of shares,
the free float factor and the weighting cap 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.

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Notes Linked to the EURO STOXX 50® Index

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;
·
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.
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Notes Linked to the EURO STOXX 50® Index

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 2008 through 2017, the first and second quarters of 2018 and for the period from July 1, 2018 through August 28,
2018.
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
1/1/2008
3/31/2008
4,411.59
3,417.25
3,628.06
4/1/2008
6/30/2008
3,900.30
3,298.05
3,352.81
7/1/2008
9/30/2008
3,456.81
2,924.13
3,038.20
10/1/2008
12/31/2008
3,130.25
2,128.29
2,451.48

1/1/2009
3/31/2009
2,608.15
1,765.49
2,071.13
4/1/2009
6/30/2009
2,549.32
2,021.53
2,401.69
7/1/2009
9/30/2009
2,915.71
2,258.60
2,872.63
10/1/2009
12/31/2009
3,001.56
2,693.80
2,966.24

1/1/2010
3/31/2010
3,044.37
2,617.77
2,931.16
4/1/2010
6/30/2010
3,027.14
2,448.10
2,573.32
7/1/2010
9/30/2010
2,849.45
2,502.50
2,747.90
10/1/2010
12/31/2010
2,902.80
2,635.08
2,807.04
https://www.sec.gov/Archives/edgar/data/1000275/000114036118037266/form424b2.htm[8/29/2018 3:52:49 PM]

1/1/2011
3/31/2011
3,077.24
2,717.74
2,910.91
4/1/2011
6/30/2011
3,029.68
2,692.95
2,848.53
7/1/2011
9/30/2011
2,887.30
1,935.89
2,179.66
10/1/2011
12/31/2011
2,506.22
2,054.98
2,316.55

1/1/2012
3/31/2012
2,611.42
2,279.73
2,477.28

P-10
RBC Capital Markets, LLC

Notes Linked to the EURO STOXX 50® Index

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
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
6/30/2017
3,666.80
3,407.33
3,641.89
7/1/2017
9/30/2017
3,594.85
3,363.68
3,594.85
10/1/2017
12/31/2017
3,708.82
3,519.35
3,524.31

1/1/2018
3/31/2018
3,687.22
3,261.86
3,361.50
4/1/2018
6/30/2018
3,596.20
3,300.50
3,395.60
7/1/2018
8/28/2018
3,536.87
3,345.09
3,447.57
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-11
RBC Capital Markets, LLC

Notes Linked to the EURO STOXX 50® Index

SU PPLEM EN T AL DI SCU SSI ON OF
U .S. FEDERAL I N COM E T AX CON SEQU EN CES
https://www.sec.gov/Archives/edgar/data/1000275/000114036118037266/form424b2.htm[8/29/2018 3:52:49 PM]

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. It does not apply to holders subject to special rules including holders subject to Section 451(b) of the Code. 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
tax advisor regarding the possible consequences to you in this regard, if any.
Royal Bank intends to treat any interest with respect to the Notes, as determined for U.S. federal income tax purposes, as from
sources within the U.S.
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. Under those rules, the amount of interest you are
required to take into account for each accrual period will be determined by constructing a projected payment schedule for the
Notes, and applying the rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument
with that projected payment schedule. This method is applied by first determining the yield at which we would issue a noncontingent
fixed rate debt instrument with terms and conditions similar to the Notes (the "comparable yield") and then determining a payment
schedule as of the issue date that would produce the comparable yield. A projected payment schedule with respect to a note
generally is a series of projected payments, the amount and timing of which would produce a yield to maturity on that note equal to
the comparable yield. This projected payment schedule is solely for tax purposes and will consist of the Payment at Maturity.
These rules will generally have the effect of requiring you to include amounts as income in respect of the Notes prior to your
receipt of cash attributable to that income.
The amount of interest that you will be required to include in income during each accrual period for the Notes will equal the product
of the adjusted issue price for the Notes at the beginning of the accrual period and the comparable yield for

P-12
RBC Capital Markets, LLC

Notes Linked to the EURO STOXX 50® Index

the Notes for such period. The adjusted issue price of the Notes will equal the Notes' original offering price plus any interest
deemed to be accrued on the Notes (under the rules governing contingent payment debt instruments).
https://www.sec.gov/Archives/edgar/data/1000275/000114036118037266/form424b2.htm[8/29/2018 3:52:49 PM]

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