# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-010055
**Filing Date:** 2025-8
**Character Count:** 64515
**Document Hash:** 19879e2ff25a11e4638976776cecf8f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-010055.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000950103-25-010055

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275898
- **FILM NUMBER:** 251192688

**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

---

| | |
|:---|:---|
| <br> ![](image_001.jpg)<br>| <br> Registration Statement No. 333-275898<br> Filed Pursuant to Rule 424(b)(2)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this preliminary pricing supplement is not complete and may be changed.

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| | |
|:---|:---|
| <br> Preliminary Pricing Supplement<br> Subject to Completion: Dated August 7, 2025<br>Pricing Supplement dated August __, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023, the Underlying Supplement No. 1A dated May 16, 2024 and the Product Supplement No. 1A dated May 16, 2024 | $ Auto-Callable Contingent Coupon Barrier Notes<br> Linked to the Least Performing of Three Underliers,<br> Due June 3, 2027<br>Royal Bank of Canada<br>|

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Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the performance of the least performing of the Nasdaq-100 Index<sup>®</sup>, the Russell 2000<sup>®</sup> Index and the Energy Select Sector SPDR<sup>®</sup> Fund (each, an "Underlier").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Contingent Coupons** — If the Notes have not been automatically called, investors will receive
 a Contingent Coupon on a monthly Coupon Payment Date at a rate of 10.50% per annum if the
 closing value of each Underlier is greater than or equal to its Coupon Threshold (70% of
 its Initial Underlier Value) on the immediately preceding Coupon Observation Date. You may
 not receive any Contingent Coupons during the term of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Call Feature** — If, on any quarterly Call Observation Date beginning approximately six
 months following the Trade Date, the closing value of each Underlier is greater than or equal
 to its Initial Underlier Value, the Notes will be automatically called for 100% of their
 principal amount *plus* the Contingent Coupon otherwise due. No further payments will
 be made on the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Contingent Return of Principal at Maturity** — If the Notes are not automatically called and
 the Final Underlier Value of the Least Performing Underlier is greater than or equal to its
 Barrier Value (70% of its Initial Underlier Value), at maturity, investors will receive the
 principal amount of their Notes *plus* the Contingent Coupon otherwise due. If the Notes
 are not automatically called and the Final Underlier Value of the Least Performing Underlier
 is less than its Barrier Value, at maturity, investors will lose 1% of the principal amount
 of their Notes for each 1% that the Final Underlier Value of the Least Performing Underlier
 is less than its Initial Underlier Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 payments on the Notes are subject to our credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Notes will not be listed on any securities exchange.

**CUSIP:** 78017PLD1

**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" in the accompanying prospectus, prospectus supplement and product supplement.**

None of the Securities and Exchange Commission (the "SEC"), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Any representation to the contrary is a criminal offense. 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. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

---

| | | |
|:---|:---|:---|
|  | Per Note | Total |
| Price to public<sup>(1)</sup> | 100.00% | $|
| Underwriting discounts and commissions<sup>(1)</sup> | 1.00% | $|
| Proceeds to Royal Bank of Canada | 99.00% | $|

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<sup>(1)</sup> We or one of our affiliates may pay varying selling concessions of up to $10.00 per $1,000 principal amount of Notes in connection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts may be between $990.00 and $1,000.00 per $1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated with us a referral fee of up to $6.25 per $1,000 principal amount of Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

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 $921.50 and $971.50 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimated value. The market 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 the determination of the initial estimated value in more detail below.

RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

**KEY TERMS**

*The information in this "Key Terms" section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus supplement, underlying supplement and product supplement.*

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| | | | |
|:---|:---|:---|:---|
| **Issuer:** | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| **Underwriter:** | RBC Capital Markets, LLC ("RBCCM") | RBC Capital Markets, LLC ("RBCCM") | RBC Capital Markets, LLC ("RBCCM") |
| **Minimum Investment:** | $1,000 and minimum denominations of $1,000 in excess thereof | $1,000 and minimum denominations of $1,000 in excess thereof | $1,000 and minimum denominations of $1,000 in excess thereof |
| **Underliers:** | The Nasdaq-100 Index<sup>®</sup> (the "NDX Index"), the Russell 2000<sup>®</sup> Index (the "RTY Index") and the Energy Select Sector SPDR<sup>®</sup> Fund (the "XLE Fund"). We refer to each of the NDX Index and the RTY Index as an "Index." | The Nasdaq-100 Index<sup>®</sup> (the "NDX Index"), the Russell 2000<sup>®</sup> Index (the "RTY Index") and the Energy Select Sector SPDR<sup>®</sup> Fund (the "XLE Fund"). We refer to each of the NDX Index and the RTY Index as an "Index." | The Nasdaq-100 Index<sup>®</sup> (the "NDX Index"), the Russell 2000<sup>®</sup> Index (the "RTY Index") and the Energy Select Sector SPDR<sup>®</sup> Fund (the "XLE Fund"). We refer to each of the NDX Index and the RTY Index as an "Index." |
|  | **Underlier** | **Bloomberg Ticker** | **Coupon Threshold and Barrier Value<sup>(2)</sup>** |
|  | NDX Index | NDX |  |
|  | RTY Index | RTY |  |
|  | XLE Fund | XLE UP | $|
|  | <sup>(1)</sup> With respect to each Underlier, the closing value of that Underlier on the Trade Date | <sup>(1)</sup> With respect to each Underlier, the closing value of that Underlier on the Trade Date | <sup>(1)</sup> With respect to each Underlier, the closing value of that Underlier on the Trade Date |
|  | <sup>(2)</sup> With respect to each Underlier, 70% of its Initial Underlier Value (rounded to two decimal places for the NDX Index and the XLE Fund and rounded to three decimal places for the RTY Index) | <sup>(2)</sup> With respect to each Underlier, 70% of its Initial Underlier Value (rounded to two decimal places for the NDX Index and the XLE Fund and rounded to three decimal places for the RTY Index) | <sup>(2)</sup> With respect to each Underlier, 70% of its Initial Underlier Value (rounded to two decimal places for the NDX Index and the XLE Fund and rounded to three decimal places for the RTY Index) |
| **Trade Date:** | August 29, 2025 | August 29, 2025 | August 29, 2025 |
| **Issue Date:** | September 4, 2025 | September 4, 2025 | September 4, 2025 |
| **Valuation Date:\*** | May 28, 2027 | May 28, 2027 | May 28, 2027 |
| **Maturity Date:\*** | June 3, 2027 | June 3, 2027 | June 3, 2027 |
| **Payment of Contingent Coupons:** | If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of each Underlier is ***greater than or equal to*** its Coupon Threshold on the immediately preceding Coupon Observation Date.<br> *No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of any Underlier is less than its Coupon Threshold on the immediately preceding Coupon Observation Date. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes.* | If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of each Underlier is ***greater than or equal to*** its Coupon Threshold on the immediately preceding Coupon Observation Date.<br> *No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of any Underlier is less than its Coupon Threshold on the immediately preceding Coupon Observation Date. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes.* | If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of each Underlier is ***greater than or equal to*** its Coupon Threshold on the immediately preceding Coupon Observation Date.<br> *No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of any Underlier is less than its Coupon Threshold on the immediately preceding Coupon Observation Date. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes.* |
| **Contingent Coupon:** | If payable, $8.75 per $1,000 principal amount of Notes (corresponding to a rate of 0.875% per month or 10.50% per annum) | If payable, $8.75 per $1,000 principal amount of Notes (corresponding to a rate of 0.875% per month or 10.50% per annum) | If payable, $8.75 per $1,000 principal amount of Notes (corresponding to a rate of 0.875% per month or 10.50% per annum) |
| **Call Feature:** | If, on any Call Observation Date, the closing value of each Underlier is ***greater than or equal to*** its Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 *plus* the Contingent Coupon otherwise due. No further payments will be made on the Notes. | If, on any Call Observation Date, the closing value of each Underlier is ***greater than or equal to*** its Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 *plus* the Contingent Coupon otherwise due. No further payments will be made on the Notes. | If, on any Call Observation Date, the closing value of each Underlier is ***greater than or equal to*** its Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 *plus* the Contingent Coupon otherwise due. No further payments will be made on the Notes. |
| **Payment at Maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to any Contingent Coupon otherwise due:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***greater than or equal to*** its Barrier Value: $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***less than*** its Barrier Value, an amount equal to:<br> $1,000 + ($1,000 × Underlier Return of the Least Performing Underlier)<br> *If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, you will lose a substantial portion or all of your principal amount at maturity. All payments on the Notes are subject to our credit risk.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to any Contingent Coupon otherwise due:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***greater than or equal to*** its Barrier Value: $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***less than*** its Barrier Value, an amount equal to:<br> $1,000 + ($1,000 × Underlier Return of the Least Performing Underlier)<br> *If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, you will lose a substantial portion or all of your principal amount at maturity. All payments on the Notes are subject to our credit risk.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to any Contingent Coupon otherwise due:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***greater than or equal to*** its Barrier Value: $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***less than*** its Barrier Value, an amount equal to:<br> $1,000 + ($1,000 × Underlier Return of the Least Performing Underlier)<br> *If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, you will lose a substantial portion or all of your principal amount at maturity. All payments on the Notes are subject to our credit risk.* |

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P-2 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

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| | |
|:---|:---|
| **Underlier Return:** | With respect to each Underlier, the Underlier Return, expressed as a percentage, is calculated using the following formula:<br> <u>Final Underlier Value – Initial Underlier Value</u><br> Initial Underlier Value |
| **Final Underlier Value:** | With respect to each Underlier, the closing value of that Underlier on the Valuation Date |
| **Least Performing Underlier:** | The Underlier with the lowest Underlier Return |
| **Coupon Observation Dates:\*** | Monthly, as set forth in the table below |
| **Coupon Payment Dates:\*** | Monthly, as set forth in the table below |
| **Call Observation Dates:\*** | Quarterly, beginning approximately six months following the Trade Date, on each Coupon Observation Date designated as a Call Observation Date in the table below |
| **Call Settlement Date:\*** | If the Notes are automatically called on any Call Observation Date, the Coupon Payment Date immediately following that Call Observation Date |
| **Calculation Agent:** | RBCCM |

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| | |
|:---|:---|
| **Coupon Observation Dates\*** | **Coupon Payment Dates\*** |
| September 29, 2025 | October 2, 2025 |
| October 29, 2025 | November 3, 2025 |
| November 28, 2025 | December 3, 2025 |
| December 29, 2025 | January 2, 2026 |
| January 29, 2026 | February 3, 2026 |
| February 27, 2026\*\* | March 4, 2026 |
| March 30, 2026 | April 2, 2026 |
| April 29, 2026 | May 4, 2026 |
| May 29, 2026\*\* | June 3, 2026 |
| June 29, 2026 | July 2, 2026 |
| July 29, 2026 | August 3, 2026 |
| August 31, 2026\*\* | September 3, 2026 |
| September 29, 2026 | October 2, 2026 |
| October 29, 2026 | November 3, 2026 |
| November 30, 2026\*\* | December 3, 2026 |
| December 29, 2026 | January 4, 2027 |
| January 29, 2027 | February 3, 2027 |
| February 26, 2027\*\* | March 3, 2027 |
| March 29, 2027 | April 1, 2027 |
| April 29, 2027 | May 4, 2027 |
| May 28, 2027 (the Valuation Date) | June 3, 2027 (the Maturity Date) |

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\* Subject to postponement. See "General Terms of the Notes—Postponement of a Determination Date" and "General Terms of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

\*\* This date is also a Call Observation Date.

P-3 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

**ADDITIONAL TERMS OF YOUR NOTES**

You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1A dated May 16, 2024. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all other 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, fact sheets, brochures or other educational materials of ours.

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.

If the information in this pricing supplement differs from the information contained in the documents listed below, you should rely on the information in this pricing supplement.

You should carefully consider, among other things, the matters set forth in "Selected Risk Considerations" in this pricing supplement and "Risk Factors" in the documents listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

· Prospectus
 dated December 20, 2023:

[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm)

· Prospectus
 Supplement dated December 20, 2023:

[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm)

· Underlying
 Supplement No. 1A dated May 16, 2024:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm)

· Product
 Supplement No. 1A dated May 16, 2024:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm)

Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "Royal Bank of Canada," the "Bank," "we," "our" and "us" mean only Royal Bank of Canada.

P-4 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

**HYPOTHETICAL RETURNS**

The table and examples set forth below illustrate hypothetical payments at maturity for hypothetical performance of the Least Performing Underlier, based on its Coupon Threshold and Barrier Value of 70% of its Initial Underlier Value and the Contingent Coupon of $8.75 per $1,000 principal amount of Notes. **The table and examples below also assume that the Notes are not automatically called and do not account for any Contingent Coupons that may be paid prior to maturity.** The table and examples are only for illustrative purposes and may not show the actual return applicable to investors.

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| | | |
|:---|:---|:---|
| **Hypothetical Underlier Return of the Least Performing Underlier** | **Payment at Maturity per $1,000 Principal Amount of Notes\*** | **Payment at Maturity as Percentage of Principal Amount\*** |
| 50.00% | $1008.75 | 100.875% |
| 40.00% | $1008.75 | 100.875% |
| 30.00% | $1008.75 | 100.875% |
| 20.00% | $1008.75 | 100.875% |
| 10.00% | $1008.75 | 100.875% |
| 5.00% | $1008.75 | 100.875% |
| 0.00% | $1008.75 | 100.875% |
| -5.00% | $1008.75 | 100.875% |
| -10.00% | $1008.75 | 100.875% |
| -20.00% | $1008.75 | 100.875% |
| -30.00% | $1008.75 | 100.875% |
| -30.01% | $699.90 | 69.990% |
| -40.00% | $600.00 | 60.000% |
| -50.00% | $500.00 | 50.000% |
| -60.00% | $400.00 | 40.000% |
| -70.00% | $300.00 | 30.000% |
| -80.00% | $200.00 | 20.000% |
| -90.00% | $100.00 | 10.000% |
| -100.00% | $0.00 | 0.000% |

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\* Including any Contingent Coupon otherwise due

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| | | |
|:---|:---|:---|
| **Example 1 —** | **The value of the Least Performing Underlier increases from its Initial Underlier Value to its Final Underlier Value by 30%.** | **The value of the Least Performing Underlier increases from its Initial Underlier Value to its Final Underlier Value by 30%.** |
|  | Underlier Return of the Least Performing Underlier: | 30% |
|  | Payment at Maturity: | $1,000 + Contingent Coupon otherwise due = $1,000 + $8.75 = $1,008.75 |
|  | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br> Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. This example illustrates that investors do not participate in any appreciation of the Least Performing Underlier, which may be significant. | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br> Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. This example illustrates that investors do not participate in any appreciation of the Least Performing Underlier, which may be significant. |

---

P-5 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

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| | | |
|:---|:---|:---|
| **Example 2 —** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 10% (i.e., its Final Underlier Value is below its Initial Underlier Value but above its Coupon Threshold and Barrier Value).** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 10% (i.e., its Final Underlier Value is below its Initial Underlier Value but above its Coupon Threshold and Barrier Value).** |
|  | Underlier Return of the Least Performing Underlier: | -10% |
|  | Payment at Maturity: | $1,000 + Contingent Coupon otherwise due = $1,000 + $8.75 = $1,008.75 |
|  | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br> Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br> Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. |

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| | | |
|:---|:---|:---|
| **Example 3 —** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 50% (i.e., its Final Underlier Value is below its Coupon Threshold and Barrier Value).** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 50% (i.e., its Final Underlier Value is below its Coupon Threshold and Barrier Value).** |
|  | Underlier Return of the Least Performing Underlier: | -50% |
|  | Payment at Maturity: | $1,000 + ($1,000 × -50%) = $1,000 – $500 = $500 |
|  | In this example, the payment at maturity is $500 per $1,000 principal amount of Notes, representing a loss of 50% of the principal amount.<br> Because the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, investors do not receive a full return of the principal amount of their Notes. In addition, because the Final Underlier Value of the Least Performing Underlier is less than its Coupon Threshold, investors do not receive a Contingent Coupon at maturity. | In this example, the payment at maturity is $500 per $1,000 principal amount of Notes, representing a loss of 50% of the principal amount.<br> Because the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, investors do not receive a full return of the principal amount of their Notes. In addition, because the Final Underlier Value of the Least Performing Underlier is less than its Coupon Threshold, investors do not receive a Contingent Coupon at maturity. |

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***Investors in the Notes could lose a substantial portion or all of the principal amount of their Notes at maturity. The table and examples above assume that the Notes are not automatically called. However, if the Notes are automatically called, investors will not receive any further payments after the Call Settlement Date.***

P-6 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Barrier Notes Linked to the Least Performing of Three Underliers

**SELECTED RISK CONSIDERATIONS**

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 "Risk Factors" 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.

**Risks Relating to the Terms and Structure of the Notes**

· **You May Lose a Portion or All of the Principal Amount at Maturity** — If the Notes are
 not automatically called and the Final Underlier Value of the Least Performing Underlier
 is less than its Barrier Value, you will lose 1% of the principal amount of your Notes for
 each 1% that the Final Underlier Value of the Least Performing Underlier is less than its
 Initial Underlier Value. You could lose a substantial portion or all of your principal amount
 at maturity.

· **You May Not Receive Any Contingent Coupons** — We will not necessarily pay any Contingent
 Coupons on the Notes. If the closing value of any Underlier is less than its Coupon Threshold
 on a Coupon Observation Date, we will not pay you the Contingent Coupon applicable to that
 Coupon Observation Date. If the closing value of any Underlier is less than its Coupon Threshold
 on each of the Coupon Observation Dates, 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 greater risk of principal loss on your Notes. Even
 if your return is positive, your return may be less than the return you would earn if you
 purchased one of our conventional senior interest-bearing debt securities.

· **Any Payment on the Notes Will Be Determined Solely by the Performance of the Underlier with the Worst Performance Even If the Other Underliers Perform Better** — Any payment on
 the Notes will be determined solely by the performance of the Underlier with the worst performance.
 The Notes are not linked to a weighted basket, in which the risk may be mitigated and diversified
 among each of the basket components. In the case of the Notes, the individual performance
 of the Underliers will not be combined, and the adverse performance of one Underlier will
 not be mitigated by any appreciation of any other Underlier. The Underliers may be uncorrelated
 and may not perform similarly over the term of the Notes, which may adversely affect your
 return on the Notes.

· **You Will Not Participate in Any Appreciation of Any Underlier, and Any Potential Return on the Notes Is Limited** — The return on the Notes is limited to the Contingent Coupons,
 if any, that may be payable on the Notes, regardless of any appreciation of any Underlier,
 which may be significant. As a result, the return on an investment in the Notes could be
 less than the return on a direct investment in any Underlier.

· **The Notes Are Subject to an Automatic Call** — If, on any Call Observation Date, the
 closing value of each Underlier is greater than or equal to its Initial Underlier Value,
 the Notes will be automatically called, and you will not receive any further payments on
 the Notes. Because the Notes could be called as early as approximately six months after the
 Issue Date, the total return on the Notes could be minimal. You may be unable to reinvest
 your proceeds from the automatic call in an investment with a return that is as high as the
 return on the Notes would have been if they had not been called.

· **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** — The Notes are our senior unsecured
 debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability
 to pay our obligations as they come due. If we were to default on our payment obligations,
 you may not receive any amounts owed to you under the Notes and you could lose your entire
 investment. In addition, any negative changes in market perceptions about our creditworthiness
 may adversely affect the market value of the Notes.

· **Any Payment on the Notes Will Be Determined Based on the Closing Values of the Underliers on the Dates Specified** — Any payment on the Notes will be determined based on the
 closing values of the Underliers on the dates specified. You will not benefit from any more
 favorable values of the Underliers determined at any other time.

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· **The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain** —
 There is no direct legal authority regarding the proper U.S. federal income tax treatment
 of the Notes, and significant aspects of the tax treatment of the Notes are uncertain. Moreover,
 non-U.S. investors should note that persons having withholding responsibility in respect
 of the Notes may withhold on any coupon paid to a non-U.S. investor, generally at a rate
 of 30%. We will not pay any additional amounts in respect of such withholding. You should
 review carefully the section entitled "United States Federal Income Tax Considerations"
 herein, in combination with the section entitled "United States Federal Income Tax
 Considerations" in the accompanying product supplement, and consult your tax adviser
 regarding the U.S. federal income tax consequences of an investment in the Notes.

**Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes**

· **There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses** — There may be little or no secondary market for the Notes.
 The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may
 make a market for the Notes; however, they are not required to do so and, if they choose
 to do so, may stop any market-making activities at any time. Because other dealers are not
 likely to make a secondary market for the Notes, the price at which you may be able to trade
 your Notes is likely to depend on the price, if any, at which RBCCM or any of our other affiliates
 is willing to buy the Notes. Even if a secondary market for the Notes develops, it may not
 provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction
 costs in any secondary market would be high. As a result, the difference between bid and
 ask prices for your Notes in any secondary market could be substantial. If you sell your
 Notes before maturity, you may have to do so at a substantial discount from the price that
 you paid for them, and as a result, you may suffer significant losses. The Notes are not
 designed to be short-term trading instruments. Accordingly, you should be able and willing
 to hold your Notes to maturity.

· **The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price** —
 The initial estimated value of the Notes will be less than the public offering price of the
 Notes and does not represent a minimum price at which we, RBCCM or any of our other 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 values of the Underliers, the internal funding rate we pay to issue
 securities of this kind (which is lower than the rate at which we borrow funds by issuing
 conventional fixed rate debt) and the inclusion in the public offering price of the underwriting
 discount, the referral fee, our estimated profit 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, the referral fee, our estimated profit or the hedging costs relating
 to the Notes. In addition, any price at which you may sell the Notes is likely to reflect
 customary bid-ask spreads for similar trades. In addition to bid-ask spreads, the value of
 the Notes determined for any secondary market price is expected to be based on a secondary
 market rate rather than the internal funding rate used to price the Notes and determine the
 initial estimated value. As a result, the secondary market price will be less than if the
 internal funding rate were used.

· **The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date** — 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 internal funding rate (which represents
 a discount from 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 the Notes.

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**Risks Relating to Conflicts of Interest and Our Trading Activities**

· **Our and Our Affiliates' Business and Trading Activities May Create Conflicts of Interest** — You should make your own independent investigation of the merits of investing in
 the Notes. Our and our affiliates' economic interests are potentially adverse to your
 interests as an investor in the Notes due to our and our affiliates' business and trading
 activities, and we and our affiliates have no obligation to consider your interests in taking
 any actions that might affect the value of the Notes. Trading by us and our affiliates may
 adversely affect the values of the Underliers and the market value of the Notes. See "Risk
 Factors—Risks Relating to Conflicts of Interest" in the accompanying product
 supplement.

· **RBCCM's Role as Calculation Agent May Create Conflicts of Interest** — As Calculation Agent,
 our affiliate, RBCCM, will determine any values of the Underliers and make any other determinations
 necessary to calculate any payments on the Notes. In making these determinations, the Calculation
 Agent may be required to make discretionary judgments, including those described under "—Risks
 Relating to the Underliers" below. In making these discretionary judgments, the economic
 interests of the Calculation Agent are potentially adverse to your interests as an investor
 in the Notes, and any of these determinations may adversely affect any payments on the Notes.
 The Calculation Agent will have no obligation to consider your interests as an investor in
 the Notes in making any determinations with respect to the Notes.

**Risks Relating to the Underliers**

· **You Will Not Have Any Rights to the XLE Fund or the Securities Composing Any Underlier** —
 As an investor in the Notes, you will not have voting rights or rights to receive dividends
 or other distributions or any other rights with respect to the XLE Fund or the securities
 composing any Underlier. Each Index is a price return index and its return does not reflect
 regular cash dividends paid by its components.

· **The XLE Fund and the Underlying Index Are Different** — The performance of the XLE Fund
 will not exactly replicate the performance of the Underlying Index (as defined below). The
 XLE Fund is subject to management risk, which is the risk that the investment strategy for
 the XLE Fund, the implementation of which is subject to a number of constraints, may not
 produce the intended results. The XLE Fund's investment adviser may have the right
 to use a portion of the XLE Fund's assets to invest in securities or other assets or
 instruments, including derivatives, that are not included in the Underlying Index. In addition,
 unlike the Underlying Index, the XLE Fund will reflect transaction costs and fees that will
 reduce its performance relative to the Underlying Index.

The performance of the XLE Fund may diverge significantly from the performance of the Underlying Index due to differences in trading hours between the XLE Fund and the securities composing the Underlying Index or other circumstances. During periods of market volatility, the component securities held by the XLE Fund may be unavailable in the secondary market, market participants may be unable to calculate accurately the intraday net asset value per share of the XLE Fund and the liquidity of the XLE Fund may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares in the XLE Fund. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of the XLE Fund. As a result, under these circumstances, the market value of the XLE Fund may vary substantially from the net asset value per share of the XLE Fund.

· **The Notes Are Subject to Small-Capitalization Companies Risk with Respect to the RTY Index** — The RTY Index tracks securities 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 value of
 the RTY Index 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 may
 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 personnel. Small-capitalization companies are often subject to less analyst coverage
 and may be in early, and less predictable, periods of their corporate existences. Small-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-

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capitalization companies. These companies may also be more susceptible to adverse developments related to their products or services.

· **The Equity Securities Composing the XLE Fund Are Concentrated in the Energy Sector** —
 All or substantially all of the equity securities composing the XLE Fund are issued by companies
 whose primary line of business is directly associated with the energy sector. As a result,
 the value of the Notes may be subject to greater volatility and may be more adversely affected
 by a single economic, political or regulatory occurrence affecting this sector than a different
 investment linked to securities of a more broadly diversified group of issuers. Issuers in
 energy-related industries can be significantly affected by fluctuations in energy prices
 and supply and demand of energy fuels. Markets for various energy-related commodities can
 have significant volatility, and are subject to control or manipulation by large producers
 or purchasers. Companies in the energy sector may need to make substantial expenditures,
 and to incur significant amounts of debt, in order to maintain or expand their reserves.
 Oil and gas exploration and production can be significantly affected by natural disasters
 as well as changes in exchange rates, interest rates, government regulation, world events
 and economic conditions. These companies may be at risk for environmental damage claims.

· **The Notes Are Subject to Risks Relating to Non-U.S. Securities with Respect to the NDX Index** — Because some of the equity securities composing the NDX Index are issued by non-U.S.
 issuers, an investment in the Notes involves risks associated with the home countries of
 those issuers. The prices of securities of non-U.S. companies may be affected by political,
 economic, financial and social factors in those countries, or global regions, including changes
 in government, economic and fiscal policies and currency exchange laws.

· **We May Accelerate the Notes If a Change-in-Law Event Occurs** — Upon the occurrence
 of legal or regulatory changes that may, among other things, prohibit or otherwise materially
 restrict persons from holding the Notes or an Underlier or its components, or engaging in
 transactions in them, the Calculation Agent may determine that a change-in-law-event has
 occurred and accelerate the Maturity Date for a payment determined by the Calculation Agent
 in its sole discretion. Any amount payable upon acceleration could be significantly less
 than any amount that would be due on the Notes if they were not accelerated. However, if
 the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable
 on, the Notes could be adversely affected, perhaps significantly, by the occurrence of such
 legal or regulatory changes. See "General Terms of Notes—Change-in-Law Events"
 in the accompanying product supplement.

· **Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event** — The timing and amount of any payment on the Notes is subject
 to adjustment upon the occurrence of a market disruption event affecting an Underlier. If
 a market disruption event persists for a sustained period, the Calculation Agent may make
 a discretionary determination of the closing value of any affected Underlier. See "General
 Terms of the Notes—Indices—Market Disruption Events," "General Terms
 of the Notes—Reference Stocks and Funds—Market Disruption Events," "General
 Terms of the Notes—Postponement of a Determination Date" and "General Terms
 of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

· **Adjustments to the XLE Fund or to the Underlying Index Could Adversely Affect Any Payments on the Notes** — The investment adviser of the XLE Fund may add, remove or substitute the component
 securities held by the XLE Fund or make changes to its investment strategy, and the sponsor
 of the Underlying Index may add, delete, substitute or adjust the securities composing the
 Underlying Index, may make other methodological changes to the Underlying Index that could
 affect its performance or may discontinue or suspend calculation and publication of the Underlying
 Index. Any of these actions could adversely affect the value of the XLE Fund and, consequently,
 the value of the Notes.

· **Adjustments to an Index Could Adversely Affect Any Payments on the Notes** — The sponsor of an
 Index may add, delete, substitute or adjust the securities composing that Index or make other
 methodological changes to that Index that could affect its performance. The Calculation Agent
 will calculate the value to be used as the closing value of an Index in the event of certain
 material changes in, or modifications to, that Index. In addition, the sponsor of an Index
 may also discontinue or suspend calculation or publication of that Index at any time. Under
 these circumstances, the Calculation Agent may select a successor index that the Calculation
 Agent determines to be comparable to the discontinued Index or, if no successor index is
 available, the Calculation Agent will determine the value to be used as the closing value
 of that Index. Any of these actions could adversely affect the value of an Index and, consequently,
 the

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value of the Notes. See "General Terms of the Notes—Indices—Discontinuation of, or Adjustments to, an Index" in the accompanying product supplement.

· **Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments** — The Calculation Agent may in its sole discretion make adjustments affecting any amounts
 payable on the Notes upon the occurrence of certain events with respect to the XLE Fund that
 the Calculation Agent determines have a diluting or concentrative effect on the theoretical
 value of the XLE Fund. However, the Calculation Agent might not make adjustments in response
 to all such events that could affect the XLE Fund. The occurrence of any such event and any
 adjustment made by the Calculation Agent (or a determination by the Calculation Agent not
 to make any adjustment) may adversely affect the market price of, and any amounts payable
 on, the Notes. See "General Terms of the Notes—Reference Stocks and Funds—Anti-dilution
 Adjustments" in the accompanying product supplement.

· **Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated** — If the XLE Fund is delisted or terminated, the Calculation Agent
 may select a successor fund. In addition, upon the occurrence of certain reorganization or
 other events affecting the XLE Fund, the Calculation Agent may make adjustments that result
 in payments on the Notes being based on the performance of (i) cash, securities of another
 issuer and/or other property distributed to holders of the XLE Fund upon the occurrence of
 that event or (ii) in the case of a reorganization event in which only cash is distributed
 to holders of the XLE Fund, a substitute security, if the Calculation Agent elects to select
 one. Any of these actions could adversely affect the value of the XLE Fund and, consequently,
 the value of the Notes. Alternatively, the Calculation Agent may accelerate the Maturity
 Date for a payment determined by the Calculation Agent. Any amount payable upon acceleration
 could be significantly less than any amount that would be due on the Notes if they were not
 accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value
 of, and any amount payable on, the Notes could be adversely affected, perhaps significantly.
 See "General Terms of the Notes—Reference Stocks and Funds—Anti-dilution
 Adjustments—Reorganization Events" and "General Terms of the Notes—Reference
 Stocks and Funds—Discontinuation of, or Adjustments to, a Fund" in the accompanying
 product supplement.

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**INFORMATION REGARDING THE UNDERLIERS**

The NDX Index is a modified market capitalization-weighted index that is designed to measure the performance of 100 of the largest non-financial companies listed on The Nasdaq Stock Market. For more information about the NDX Index, see "Indices—The Nasdaq-100 Index<sup>®</sup>" in the accompanying underlying supplement.

The RTY Index measures the capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization segment of the U.S. equity market. For more information about the RTY Index, see "Indices—The Russell Indices" in the accompanying underlying supplement.

According to publicly available information, the XLE Fund is an exchange-traded fund of the Select Sector Trust, a registered investment company, that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Energy Select Sector Index (the "Underlying Index"). The Underlying Index is a capped modified market capitalization-based index that measures the performance of the GICS<sup>®</sup> energy sector, which currently includes companies in the following industries: oil, gas and consumable fuels; and energy equipment and services. For more information about the XLE Fund, see "Exchange-Traded Funds—The Select Sector SPDR<sup>®</sup> Funds" in the accompanying underlying supplement.

**Historical Information**

The following graphs set forth historical closing values of the Underliers for the period from January 1, 2015 to August 5, 2025. Each red line represents a hypothetical Coupon Threshold and Barrier Value based on the closing value of the relevant Underlier on August 5, 2025. We obtained the information in the graphs from Bloomberg Financial Markets, without independent investigation. **We cannot give you assurance that the performance of the Underliers will result in the return of all of your initial investment.**

**Nasdaq-100 Index<sup>®</sup>**

![](image_002.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

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**Russell 2000<sup>®</sup> Index**

![](image_003.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

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**Energy Select Sector SPDR<sup>®</sup> Fund**

![](image_004.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

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**UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS**

You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Notes.

Generally, this discussion assumes that you purchased the Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Underliers. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Note.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the Notes for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary income, as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Financial Contracts with Associated Coupons" in the accompanying product supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the "IRS") or a court might not agree with it. Moreover, because this treatment of the Notes and our counsel's opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the Trade Date. A different tax treatment could be adverse to you.

We do not plan to request a ruling from the IRS regarding the treatment of the Notes. An alternative characterization of the Notes could materially and adversely affect the tax consequences of ownership and disposition of the Notes, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect.

**Non-U.S. Holders.** The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the Notes, we would expect generally to treat the coupons as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the coupons.

As discussed under "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the Notes.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

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**SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)**

The Notes are offered initially to investors at a purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this pricing supplement. We or one of our affiliates may pay the underwriting discount and may pay a broker-dealer that is not affiliated with us a referral fee, in each case as set forth on the cover page of this pricing supplement.

The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the Notes in light of then-prevailing market conditions, our creditworthiness and transaction costs. For a period of approximately three months after the Issue Date, the value of the Notes that may be shown on your account statement may be higher than RBCCM's estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount, the referral fee or our hedging costs and profits; however, the value of the Notes shown on your account statement during that period may initially be a higher amount, reflecting the addition of the underwriting discount, the referral fee and our estimated costs and profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.

RBCCM or another of its affiliates or agents may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement in a market-making transaction in the Notes after their initial sale. ***Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.***

For additional information about the settlement cycle of the Notes, see "Plan of Distribution" in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section "Plan of Distribution—Conflicts of Interest" in the accompanying prospectus.

**STRUCTURING THE NOTES**

The Notes are our debt securities. As is the case for all of our debt securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. The lower internal funding rate, the underwriting discount, the referral fee and the hedging-related costs relating to the Notes reduce the economic terms of the Notes to you and result in the initial estimated value for the Notes being less than their public offering price. Unlike the initial estimated value, any value of the Notes determined for purposes of a secondary market transaction may be based on a secondary market rate, which may result in a lower value for the Notes than if our initial internal funding rate were used.

In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate movements, volatility and the tenor of the Notes. The economic terms of the Notes and the initial estimated value depend in part on the terms of these hedging arrangements.

See "Selected Risk Considerations—Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes—The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price" above.

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