<SEC-DOCUMENT>0000950103-25-016384.txt : 20251219
<SEC-HEADER>0000950103-25-016384.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219165525
ACCESSION NUMBER:		0000950103-25-016384
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL BANK OF CANADA
		CENTRAL INDEX KEY:			0001000275
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				135357855
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275898
		FILM NUMBER:		251588264

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2J5
		BUSINESS PHONE:		212-437-9267

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2J5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL BANK OF CANADA \
		DATE OF NAME CHANGE:	19950908

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL BANK OF CANADA
		CENTRAL INDEX KEY:			0001000275
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				135357855
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2J5
		BUSINESS PHONE:		212-437-9267

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2J5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL BANK OF CANADA \
		DATE OF NAME CHANGE:	19950908
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp238998_fwp-us3468mu.htm
<DESCRIPTION>FORM FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding: 4pt; background-color: rgb(22,52,95); width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="padding: 4pt; text-align: right; background-color: rgb(22,52,95); width: 50%; vertical-align: bottom"><IMG SRC="image_002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="padding: 4pt; background-color: rgb(22,52,95)"><P STYLE="color: white; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fixed Coupon Barrier Notes<BR>
Linked to the Common Stock of Micron Technology, Inc.<BR>
Due December 31, 2026</P>
</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="margin: 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4D7497">
    <TD STYLE="width: 100%; text-align: center; font-size: 10pt; color: white; font-weight: bold">PRODUCT CHARACTERISTICS</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Fixed Coupons</B> &mdash; Investors will receive a Fixed Coupon on each monthly Coupon Payment Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Contingent Return of Principal at Maturity</B> &mdash; If the Final Underlier Value is greater than or equal to the Barrier Value,
at maturity, investors will receive the principal amount of their Notes <I>plus</I> the Fixed Coupon otherwise due. If the Final Underlier
Value is less than the Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the
Final Underlier Value is less than the Initial Underlier Value and will receive the Fixed Coupon otherwise due.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4D7497">
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: white; font-weight: bold">KEY TERMS</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 35%; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 65%; color: #44546A"><FONT STYLE="font-size: 10pt">Royal Bank of Canada (&ldquo;RBC&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">78017PYZ8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Underlier:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">The common stock of Micron Technology, Inc. (Bloomberg symbol &ldquo;MU UW&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Issue Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">December 31, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Valuation Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">December 28, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Payment of Fixed Coupons:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #44546A">Investors will receive a Fixed Coupon on each Coupon Payment Date.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Fixed Coupon:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">$9.583-$10.417 per $1,000 principal amount of Notes (corresponding to a rate of 0.9583%-1.0417% per month or 11.50%-12.50% per annum), to be determined on the Trade Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Coupon Payment Dates:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">Monthly</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

</DIV>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4D7497">
    <TD COLSPAN="2" STYLE="color: #44546A; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>KEY TERMS (<I>continued</I>)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Payment at Maturity:</B></FONT></TD>
    <TD STYLE="width: 70%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #44546A">Investors will receive on the Maturity Date per $1,000
    principal amount of Notes, in addition to the Fixed Coupon otherwise due:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; color: #44546A"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.5in; color: #44546A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
    the Final Underlier Value is <B><I>greater than or equal to</I></B> the Barrier Value: $1,000</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; color: #44546A"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt 0.5in; color: #44546A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
    the Final Underlier Value is <B><I>less than </I></B>the Barrier Value, an amount equal to:</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17pt; text-align: center; color: #44546A">$1,000 + ($1,000 &times;
    Underlier Return)</P>
    <P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>If the Final Underlier Value is less than the Barrier
    Value, you will lose a substantial portion or all of your principal amount at maturity.</I></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #44546A"><FONT STYLE="font-size: 10pt"><B>Barrier Value:</B></FONT></TD>
    <TD STYLE="color: #44546A"><FONT STYLE="font-size: 10pt">50% of the Initial Underlier Value </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Underlier Return:</B></FONT></TD>
    <TD STYLE="color: #44546A; text-align: center"><FONT STYLE="font-size: 10pt"><U>Final Underlier Value &ndash; Initial Underlier Value<BR>
</U>Initial Underlier Value</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Initial Underlier Value:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">The closing value of the Underlier on the Trade Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; color: #44546A"><FONT STYLE="font-size: 10pt"><B>Final Underlier Value:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; color: #44546A"><FONT STYLE="font-size: 10pt">The closing value of the Underlier on the Valuation Date</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This document provides a summary of the terms of the
Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and
prospectus, as well as &ldquo;Selected Risk Considerations&rdquo; below, before making a decision to invest in the Notes:</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1000275/000095010325016358/dp238990_424b2-us3468mu.htm">https://www.sec.gov/Archives/edgar/data/1000275/000095010325016358/dp238990_424b2-us3468mu.htm</A></P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The initial estimated value of the Notes determined
by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $919.50 and $969.50 per $1,000
principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated
value in more detail in the accompanying preliminary pricing supplement.</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #44546A; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #44546A"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #44546A"></P>


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<P STYLE="color: #365F91; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding: 4pt; background-color: rgb(22,52,95); width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="padding: 4pt; text-align: right; background-color: rgb(22,52,95); width: 50%; vertical-align: bottom"><IMG SRC="image_002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="padding: 4pt; background-color: rgb(22,52,95)"><P STYLE="color: white; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
                                                                        <P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; color: white; margin: 0pt 0">&nbsp;</P>
                                                                        <P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: white">&nbsp;</P>
                                                                        <P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: white">&nbsp;</P>
</TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: #365F91; margin: 0pt 0"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: #365F91; margin: 0pt 0">Selected Risk Considerations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: rgb(54,95,145); margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An investment in the Notes involves significant risks.
We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that
apply to an investment in the Notes are summarized below, but we urge you to read also the &ldquo;Selected Risk Considerations&rdquo;
section of the accompanying preliminary pricing supplement and the &ldquo;Risk Factors&rdquo; sections of the accompanying prospectus,
prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing
in the Notes.</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>You May Lose a Portion or All of the Principal Amount at Maturity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>You Will Not Participate in Any Appreciation of the Underlier, and Any Potential Return on the Notes Is Limited.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market
Value of the Notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Final Payment on the Notes Will Be Determined Based on the Closing Values of the Underlier on the Dates Specified.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our and Our Affiliates&rsquo; Business and Trading Activities May Create Conflicts of Interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>RBCCM&rsquo;s Role as Calculation Agent May Create Conflicts of Interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>You Will Not Have Any Rights to the Underlier.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Royal Bank of Canada has filed a registration statement
(including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before
you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about
us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any
agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at
1-877-688-2301.</B></P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As used in this document, &ldquo;Royal Bank of Canada,&rdquo;
&ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; mean only Royal Bank of Canada. Capitalized terms used in this document without
definition are as defined in the accompanying preliminary pricing supplement.</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Registration Statement No. 333-275898; filed pursuant
to Rule 433</P>

<P STYLE="color: #44546A; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
