# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-003498
**Filing Date:** 2023-1
**Character Count:** 11051
**Document Hash:** 8ea0253fba06ebc4f40d20a3938e5b67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-003498.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001140361-23-003498

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-259205
- **FILM NUMBER:** 23570796

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

**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]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

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

------

---

| | | |
|:---|:---|:---|
| **Royal Bank of Canada**<br> **Market Linked Securities**<br>| ![](image0.jpg) | Filed Pursuant to Rule 433<br> Registration Statement No. 333-259205 |

---

Market Linked Securities—Upside Participation with Contingent Minimum Return, Contingent Absolute Return and Contingent Downside Principal at Risk Securities Linked to a Basket of Five Indices due March 2, 2028<br> Term Sheet to Preliminary Pricing Supplement No. WFC201 dated January 31, 2023<br>

Summary of Terms

---

| | |
|:---|:---|
| Issuer : | Royal Bank of Canada |
| Market Measure: | An unequally weighted basket (the "Basket") comprised of the EURO STOXX 50<sup>®</sup> Index (40.00%); the Nikkei 225 Index (25.00%); the FTSE<sup>®</sup> 100 Index (17.50%); the Swiss Market Index (10.00%); and the S&P/ASX 200 Index (7.50%) (each, a "basket component" and together, the "basket components") |
| Pricing Date\*: | February 27, 2023 |
| Issue Date\*: | March 2, 2023 |
| Face Amount and<br> Original Offering<br> Price: | $1,000 per security |
| Maturity Payment<br> Amount (per<br> security): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the ending level is greater than or equal to the starting level: $1,000 *plus* the greater of:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contingent minimum return; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $1,000 × basket return x upside participation rate;<br> • if the ending level is less than the starting level, but greater than or equal to the threshold level:<br> $1,000 *+* ($1,000 × absolute value of basket return)<br> • if the ending level is less than the threshold level:<br> $1,000 + ($1,000 × basket return) |
| Stated Maturity<br> Date\*: | March 2, 2028 |
| Starting Level: | 100.00 |
| Ending Level: | The product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 40% of the component return of the EURO STOXX 50<sup>®</sup> Index; (B) 25% of the component return of the Nikkei 225 Index; (C) 17.50% of the component return of the FTSE<sup>®</sup> 100 Index; (D) 10% of the component return of the Swiss Market Index; and (E) 7.50% of the component return of the S&P/ASX 200 Index |
| Threshold Level: | 75.00, which is equal to 75% of the starting level |
| Upside<br> Participation Rate: | 100% |
| Basket Return: | (ending level – starting level) / starting level<br> For example, if the basket return is equal to -5%, the absolute value of the basket return would be +5% |
| Component<br> Return: | &nbsp;&nbsp;&nbsp; (final component level – initial component level) / initial component level<br> where,<br> &nbsp;&nbsp;&nbsp;&nbsp;• the "<u>initial component level</u>" will be the closing level of a basket component on the pricing date; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• the "<u>final component level</u>" will be the closing level of a basket component on the calculation day |
| Contingent<br> Minimum Return: | The "<u>contingent minimum return</u>" will be determined on the pricing date and will be at least 48.00% of the face amount per security (at least $480.00 per security). ***The contingent minimum return is payable only if the ending level is greater than or equal to the starting level.*** |
| Calculation Day\*: | February 24, 2028 |
| Calculation Agent: | RBC Capital Markets, LLC ("RBCCM"), an affiliate of the issuer |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent Discount\*\*: | Up to 3.62%; dealers, including those using the trade name Wells Fargo Advisors ("<u>WFA</u>"), may receive a selling concession of up to 2.50% and WFA may receive a distribution expense fee of 0.12% |
| CUSIP: | 78016HQS2 |
| Material Tax<br> Consequences: | See the preliminary pricing supplement. |

---

\*subject to change

\*\* In addition, selected dealers may receive a fee of up to 0.10% for marketing and other services

Hypothetical Payout Profile\*\*\*

![](image00002.jpg)

\*\*\*assumes a contingent minimum return equal to the lowest possible contingent minimum return that may be determined on the pricing date.

**If the ending level is less than the threshold level, you will have full downside exposure to the decrease in the value of the Basket from the starting level, and will lose more than 25%, and possibly all, of the face amount of your securities at maturity.**

<br> The issuer's initial estimated value of the securities as of the pricing date is expected to be between $900 and $941 per $1,000 in principal amount, which is less than the public offering price. The final pricing supplement relating to the securities will set forth the issuer's estimate of the initial value of the securities as of the pricing date. The market value of the securities at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. See "Estimated Value of the Securities" in the accompanying preliminary pricing supplement for further information.

Preliminary Pricing Supplement:

[https://www.sec.gov/Archives/edgar/data/1000275/000114036123003488/brhc10047246_fwp.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036123003488/brhc10047246_fwp.htm)

#### The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See

#### "Selected Risk Considerations" in this term sheet and the accompanying preliminary pricing supplement and "Risk Factors" in the accompanying product supplement.

#### This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.

#### Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus before making a decision to invest in the securities.

#### NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY

------

Selected Risk Considerations

The risks set forth below are discussed in detail in the "Selected Risk Considerations" section in the accompanying preliminary pricing supplement and the "Risk Factors" section in the accompanying product supplement. Please review those risk disclosures carefully.

<u>Risks Relating To The Terms and Structure of the Securities</u>

• If The Ending Level Is Less Than The Threshold Level, You Will Lose More Than 25%, And Possibly Up To 100%, Of The Face Amount Of Your Securities At Maturity.

<br> • You Will Receive The Contingent Minimum Return Only If The Ending Level Is Greater Than Or Equal To The Starting Level.

<br> • Any Positive Return Based On The Depreciation Of The Basket Is Effectively Capped.

<br> • No Periodic Interest Will Be Paid On The Securities.

<br> • Changes In The Levels Of The Basket Components May Offset Each Other.

<br> • The Securities Are Subject To Credit Risk.

<br> • Significant Aspects Of The Tax Treatment Of The Securities Are Uncertain.

#### Risks Relating To The Estimated Value Of The Securities And Any Secondary Market
<br> • Our Initial Estimated Value Of The Securities Will Be Less Than The Original Offering Price.

<br> • The Initial Estimated Value Of The Securities Is An Estimate Only, Calculated As Of The Time The Terms Of The Securities Are Set.

<br> • The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

<br> • The Securities Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Securities To Develop.

<u>Risks Relating To The Basket Components</u>

<br> • The Securities Are Subject To Risks Associated With Non-U.S. Companies.

<br> • The Securities Will Not Be Adjusted For Changes In Exchange Rates.

• The Maturity Payment Amount Will Depend Upon The Performance Of The Basket Components And Therefore The Securities Are Subject To A Variety Of Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.

<br> • The Stated Maturity Date May Be Postponed If The Calculation Day Is Postponed.

<u>Risks Relating To Conflicts Of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling your financial advisor or by calling Royal Bank of Canada toll-free at 1-877-688-2301.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

<br> 2<br>

------