# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-008608
**Filing Date:** 2023-2
**Character Count:** 96925
**Document Hash:** e6d8c8a1b40b4d3025103b7d420fecae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-008608.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001140361-23-008608

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-259205
- **FILM NUMBER:** 23668673

**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

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| | |
|:---|:---|
| ![](image00001.jpg) | **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement No. 333-259205**<br>|
| &nbsp;&nbsp; Pricing Supplement<br>Dated February 22, 2023<br> To the Product Prospectus Supplement No. CCBN-1, the Prospectus Supplement and the Prospectus, Each Dated September 14, 2021 | &nbsp;&nbsp;&nbsp; $750,000<br> Auto-Callable Contingent Coupon Barrier Notes<br> Linked to the Lesser Performing of One Exchange Traded<br> Fund and One Index, due February 26, 2026<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 lesser performing of one exchange traded fund and one equity index (each, a "Reference Asset," and collectively, the "Reference Assets"). The Notes offered are our senior unsecured obligations, will pay a quarterly Contingent Coupon at the rate and under the circumstances specified below, and will have the terms described in the documents described above, as supplemented or modified by this pricing supplement.

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| | | |
|:---|:---|:---|
| <u>Reference Assets</u> | <u>Initial Levels</u> | <u>Coupon Barriers and Trigger Levels\*</u> |
| Energy Select Sector SPDR<sup>®</sup> Fund ("XLE") | $83.51 | $58.46, which is 70% of its Initial Level |
| EURO STOXX<sup>®</sup> Banks Index ("SX7E") | 113.35 | 79.35, which is 70% of its Initial Level |

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\* Rounded to two decimal places.

The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.

Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this pricing supplement, and "Risk Factors" beginning on page PS-4 of the product prospectus supplement dated September 14, 2021 and page S-2 of the prospectus supplement dated September 14, 2021.

The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

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| | | | |
|:---|:---|:---|:---|
| **Issuer:** | Royal Bank of Canada | **Stock Exchange Listing:** |  |
| **Trade Date:** | February 22, 2023 | **Principal Amount:** | $1,000 per Note |
| **Issue Date:** | March 1, 2023 | **Maturity Date:** | February 26, 2026 |
| **Observation Dates:** | Quarterly, as set forth below. | **Coupon Payment Dates:** | Quarterly, as set forth below. |
| **Valuation Date:** | February 23, 2026 | **Contingent Coupon Rate:** | 16.95% per annum |
| **Contingent Coupon:** | If the Notes have not been previously called and the Observation Level of **each** Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date. You may not receive any Contingent Coupons during the term of the Notes. | If the Notes have not been previously called and the Observation Level of **each** Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date. You may not receive any Contingent Coupons during the term of the Notes. | If the Notes have not been previously called and the Observation Level of **each** Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date. You may not receive any Contingent Coupons during the term of the Notes. |
| **Payment at Maturity (if**<br> **held to maturity):** | If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:<br> For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.<br> If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, then the investor will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:<br> $1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)<br> *Investors in the Notes could lose some or all of their principal amount if the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.* | If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:<br> For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.<br> If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, then the investor will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:<br> $1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)<br> *Investors in the Notes could lose some or all of their principal amount if the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.* | If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:<br> For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.<br> If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, then the investor will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:<br> $1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)<br> *Investors in the Notes could lose some or all of their principal amount if the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.* |
| **Lesser Performing**<br> **Reference Asset:** | The Reference Asset with the lower Percentage Change. | The Reference Asset with the lower Percentage Change. | The Reference Asset with the lower Percentage Change. |
| **Percentage Change:** | Expressed as a percentage for each Reference Asset, as an amount equal to the quotient of (a) its Final Level minus its Initial Level divided by (b) its Initial Level | Expressed as a percentage for each Reference Asset, as an amount equal to the quotient of (a) its Final Level minus its Initial Level divided by (b) its Initial Level | Expressed as a percentage for each Reference Asset, as an amount equal to the quotient of (a) its Final Level minus its Initial Level divided by (b) its Initial Level |
| **Call Feature:** | If, on any Observation Date beginning on May 22, 2023, the Observation Level of each Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called, for 100% of the principal amount plus the related Contingent Coupon. | If, on any Observation Date beginning on May 22, 2023, the Observation Level of each Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called, for 100% of the principal amount plus the related Contingent Coupon. | If, on any Observation Date beginning on May 22, 2023, the Observation Level of each Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called, for 100% of the principal amount plus the related Contingent Coupon. |
| **Observation Level:** | For the SX7E, its closing level, and for the XLE, its closing price, on any Observation Date. | For the SX7E, its closing level, and for the XLE, its closing price, on any Observation Date. | For the SX7E, its closing level, and for the XLE, its closing price, on any Observation Date. |
| **Final Level:** | For the SX7E, its closing level on the Valuation Date, and for the XLE, its closing price on the Valuation Date. | For the SX7E, its closing level on the Valuation Date, and for the XLE, its closing price on the Valuation Date. | For the SX7E, its closing level on the Valuation Date, and for the XLE, its closing price on the Valuation Date. |
| **CUSIP:** | 78016HTD2 | 78016HTD2 | 78016HTD2 |

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| | | |
|:---|:---|:---|
|  | Per Note | Total |
| Price to public<sup>(1)</sup> | 100.00% | $750000 |
| Underwriting discounts and commissions<sup>(1)</sup> | 1.00% | $7500 |
| Proceeds to Royal Bank of Canada | 99.00% | $742500 |

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<sup>(1)</sup> Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts was between $990 and $1,000 per $1,000 in principal amount.

RBC Capital Markets, LLC, which we refer to as RBCCM, acting as our agent, will receive a commission of $10.00 per $1,000 in principal amount of the Notes, and will use a portion of that commission to allow selling concessions to other dealers of up to $10.00 per $1,000 in principal amount of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

The initial estimated value of the Notes as of the Trade Date was $971.49 per $1,000 in principal amount, which is less than the price to public. The actual value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more detail below.

RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### SUMMARY
*The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the product prospectus supplement, the prospectus supplement and the prospectus.*

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| | |
|:---|:---|
| General: | This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of the following (each, a "Reference Asset," and collectively, the "Reference Assets"):<br> &nbsp;&nbsp;&nbsp;&nbsp;(i) Energy Select Sector SPDR<sup>®</sup> Fund (the "XLE"); and<br> &nbsp;&nbsp;&nbsp;&nbsp;(ii) EURO STOXX<sup>®</sup> Banks Index (the "SX7E").<br> See "Additional Terms of Your Notes Related to the Index" below, which relates to the SX7E. |
| Issuer: | Royal Bank of Canada ("Royal Bank") |
| Trade Date: | February 22, 2023 |
| Issue Date: | March 1, 2023 |
| Valuation Date: | February 23, 2026 |
| Maturity Date: | February 26, 2026 |
| Denominations: | Minimum denomination of $1,000, and integral multiples of $1,000 thereafter. |
| Contingent Coupon: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon Payment Date, under the conditions described below:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Observation Level of each Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Observation Level of either of the Reference Assets is less than its Coupon Barrier on the applicable Observation Date, we will not pay you the Contingent Coupon applicable to that Observation Date.<br> *You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.* |
| Contingent Coupon<br> Rate: | 16.95% per annum (approximately 4.2375% per quarter) |

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P-2 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

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| | | |
|:---|:---|:---|
| Observation Dates and<br> Coupon Payment<br> Dates: | The Observation Dates and Coupon Payment Dates will occur quarterly, as set forth below: | The Observation Dates and Coupon Payment Dates will occur quarterly, as set forth below: |
| Observation Dates and<br> Coupon Payment<br> Dates: | <u>Observation Dates:</u> | <u>Coupon Payment Dates:</u> |
|  | May 22, 2023 | May 25, 2023 |
|  | August 22, 2023 | August 25, 2023 |
|  | November 22, 2023 | November 28, 2023 |
|  | February 22, 2024 | February 27, 2024 |
|  | May 22, 2024 | May 28, 2024 |
|  | August 22, 2024 | August 27, 2024 |
|  | November 22, 2024 | November 27, 2024 |
|  | February 24, 2025 | February 27, 2025 |
|  | May 22, 2025 | May 28, 2025 |
|  | August 22, 2025 | August 27, 2025 |
|  | November 24, 2025 | November 28, 2025 |
|  | February 23, 2026 (Valuation Date) | February 26, 2026 (Maturity Date) |
| Record Dates: | The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon a call will be payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable. | The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon a call will be payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable. |
| Call Feature: | If, on any Observation Date beginning in May 2023, the Observation Level of each Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called. | If, on any Observation Date beginning in May 2023, the Observation Level of each Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called. |
| Payment if Called: | If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call Settlement Date. | If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call Settlement Date. |
| Call Settlement Dates: | If the Notes are called on any Observation Date beginning in May 2023, the Call Settlement Date will be the Coupon Payment Date corresponding to that Observation Date. | If the Notes are called on any Observation Date beginning in May 2023, the Call Settlement Date will be the Coupon Payment Date corresponding to that Observation Date. |
| Initial Level: | For the SX7E, its closing level, and for the XLE, its closing price, on the Trade Date, as set forth on the cover page of this pricing supplement. | For the SX7E, its closing level, and for the XLE, its closing price, on the Trade Date, as set forth on the cover page of this pricing supplement. |
| Final Level: | For the SX7E, its closing level, and for the XLE, its closing price, on the Valuation Date. | For the SX7E, its closing level, and for the XLE, its closing price, on the Valuation Date. |
| Observation Level: | For the SX7E, its closing level, and for the XLE, its closing price, on any Observation Date. | For the SX7E, its closing level, and for the XLE, its closing price, on any Observation Date. |
| Coupon Barrier and<br> Trigger Level: | For each Reference Asset, 70% of its Initial Level, as set forth on the cover page of this pricing supplement. | For each Reference Asset, 70% of its Initial Level, as set forth on the cover page of this pricing supplement. |
| Payment at Maturity (if<br> not previously called<br> and held to maturity): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:<br> • If the Final Level of the Lesser Performing Reference Asset is greater than or equal to its Trigger Level, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.<br> • If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, you will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:<br> $1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)<br> The amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline of the Lesser Performing Reference | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:<br> • If the Final Level of the Lesser Performing Reference Asset is greater than or equal to its Trigger Level, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.<br> • If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, you will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:<br> $1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)<br> The amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline of the Lesser Performing Reference |

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P-3 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

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| | |
|:---|:---|
|  | Asset from the Trade Date to the Valuation Date. *Investors in the Notes will lose some or all of their principal amount if the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.* |
| Stock Settlement: | Not applicable. Payments on the Notes will be made solely in cash. |
| Percentage Change: | With respect to each Reference Asset:<br> <u>Final Level – Initial Level</u><br> Initial Level |
| Lesser Performing<br> Reference Asset: | The Reference Asset with the lower Percentage Change. |
| Market Disruption<br> Events: | The occurrence of a market disruption event (or a non-trading day) as to either of the Reference Assets will result in the postponement of an Observation Date or the Valuation Date as to that Reference Asset, as described in the product prospectus supplement, but not to any non-affected Reference Asset. |
| Calculation Agent: | RBC Capital Markets, LLC ("RBCCM") |
| U.S. Tax Treatment: | By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the Notes as a callable pre-paid cash-settled contingent income-bearing derivative contract linked to the Reference Assets for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the Notes are uncertain and the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below, "Supplemental Discussion of U.S. Federal Income Tax Consequences," and the discussion (including the opinion of Ashurst LLP, our special U.S. tax. counsel) in the product prospectus supplement dated September 14, 2021 under "Supplemental Discussion of U.S. Federal Income Tax Consequences," which apply to the Notes. |
| Secondary Market: | RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The amount that you may receive upon sale of your Notes prior to maturity may be less than the principal amount of your Notes. |
| Listing: | The Notes will not be listed on any securities exchange. |
| Clearance and<br> Settlement: | DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under "Ownership and Book-Entry Issuance" in the prospectus dated September 14, 2021). |
| Terms Incorporated in<br> the Master Note: | All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of this pricing supplement and the terms appearing under the captions "General Terms of the Notes" and "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the product prospectus supplement dated September 14, 2021, as modified by this pricing supplement. |

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P-4 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated September 14, 2021, as supplemented by the prospectus supplement dated September 14, 2021 and the product prospectus supplement dated September 14, 2021, relating to our Senior Global Medium Term Notes, Series I, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control. ***The Notes vary from the terms described in the product prospectus supplement in several important ways. You should read this pricing supplement carefully, including "—Additional Terms of Your Notes Related to the Index" below, which relates to the SX7E.***

This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 14, 2021 and "Additional Risk Factors Specific to the Notes" in the product prospectus supplement dated September 14, 2021, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):

Prospectus dated September 14, 2021:

[https://www.sec.gov/Archives/edgar/data/1000275/000121465921009470/rbc911212424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000121465921009470/rbc911212424b3.htm)

Prospectus Supplement dated September 14, 2021:

[https://www.sec.gov/Archives/edgar/data/1000275/000121465921009472/rbcsupp911210424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000121465921009472/rbcsupp911210424b3.htm)

Product Prospectus Supplement No. CCBN-1 dated September 14, 2021:

[https://www.sec.gov/Archives/edgar/data/1000275/000114036121031212/brhc10028900_424b5.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036121031212/brhc10028900_424b5.htm)

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

P-5 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### HYPOTHETICAL EXAMPLES
The table set out below is included for illustration purposes only. The table illustrates the Payment at Maturity of the Notes (including the final Contingent Coupon, if payable) for a hypothetical range of performance for the Lesser Performing Reference Asset, assuming the following terms and that the Notes are not called prior to maturity:

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| | |
|:---|:---|
| Hypothetical Initial Level (for each Reference Asset): | 100\* |
| Hypothetical Coupon Barrier and Trigger Level: | 70, which is 70% of the hypothetical Initial Level of the Lesser Performing Reference Asset |
| Contingent Coupon Rate: | 16.95% per annum (or 4.2375% per quarter) |
| Contingent Coupon Amount: | $42.375 per quarter |
| Observation Dates: | Quarterly |
| Principal Amount: | $1,000 per Note |

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\* The hypothetical Initial Level of 100 used in the examples below has been chosen for illustrative purposes only and is not the actual Initial Level of either Reference Asset. The actual Initial Level for each Reference Asset is set forth on the cover page of this pricing supplement. ***We make no representation or warranty as to which of the Reference Assets will be the Lesser Performing Reference Asset. It is possible that the Final Level of each Reference Asset will be less than its Initial Level*.**

Hypothetical Final Levels of the Lesser Performing Reference Asset, expressed as a percentage of its Initial Level, are shown in the first column on the left. The second column shows the Payment at Maturity for a range of Final Levels. The third column shows the amount of cash to be paid on the Notes per $1,000 in principal amount. If the Notes are called prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the applicable Coupon Payment Date, for each $1,000 principal amount, $1,000 plus the Contingent Coupon otherwise due on the Notes.

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| | | |
|:---|:---|:---|
| **Hypothetical Final Level of**<br> **the Lesser Performing**<br> **Reference Asset** | **Payment at Maturity as**<br> **Percentage of Principal**<br> **Amount** | **Payment at Maturity**<br> **(assuming that the Notes**<br> **were not previously called)** |
| 150.00 | 104.2375% | $1,042.375\* |
| 140.00 | 104.2375% | $1,042.375\* |
| 125.00 | 104.2375% | $1,042.375\* |
| 120.00 | 104.2375% | $1,042.375\* |
| 110.00 | 104.2375% | $1,042.375\* |
| 100.00 | 104.2375% | $1,042.375\* |
| 90.00 | 104.2375% | $1,042.375\* |
| 80.00 | 104.2375% | $1,042.375\* |
| 70.00 | 104.2375% | $1,042.375\* |
| 69.99 | 69.99% | $699.90 |
| 60.00 | 60.00% | $600.00 |
| 50.00 | 50.00% | $500.00 |
| 40.00 | 40.00% | $400.00 |
| 30.00 | 30.00% | $300.00 |
| 20.00 | 20.00% | $200.00 |
| 10.00 | 10.00% | $100.00 |
| 0.00 | 0.00% | $0.00 |

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**\***Including the final Contingent Coupon, if payable.

P-6 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### Hypothetical Examples of Amounts Payable at Maturity
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the Notes have not been called.

**Example 1: The value of the Lesser Performing Reference Asset increases by 40% from the Initial Level of $100.00 to its Final Level of $140.00.** Because the Final Level of the Lesser Performing Reference Asset is greater than its Trigger Level and Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note, despite the 40% appreciation in the value of the Lesser Performing Reference Asset.

**Example 2: The value of the Lesser Performing Reference Asset decreases by 10% from the Initial Level of $100.00 to its Final Level of $90.00**. Because the Final Level of the Lesser Performing Reference Asset is greater than its Trigger Level and Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note, despite the 10% decline in the value of the Lesser Performing Reference Asset.

**Example 3: The value of the Lesser Performing Reference Asset is $50.00 on the Valuation Date, which is less than its Trigger Level and Coupon Barrier**. Because the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level and Coupon Barrier, the final Contingent Coupon will not be payable on the Maturity Date, and we will pay only $500.00 for each $1,000 in the principal amount of the Notes, calculated as follows:

Principal Amount + (Principal Amount x Percentage Change of the Lesser Performing Reference Asset)

= $1,000 + ($1,000 x -50.00%) = $1,000 - $500.00 = $500.00

\* \* \*

The Payments at Maturity shown above are entirely hypothetical; they are based on values of the Reference Assets that may not be achieved on the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity Date or at any other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above, and those amounts should not be viewed as an indication of the financial return on an investment in the Notes or on an investment in any Reference Asset or the securities represented by any Reference Asset.

P-7 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Assets. These risks are explained in more detail in the section "Risk Factors" in the product prospectus supplement. In addition to the risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:

#### Risks Relating to the Terms of the Notes
&nbsp;&nbsp;&nbsp;&nbsp;• **You May Lose Some or All of the Principal Amount at Maturity** — Investors in the Notes could lose all or a substantial portion of their principal amount if there is a
 decline in the value of the Lesser Performing Reference Asset between the Trade Date and the Valuation Date. If the Notes are not automatically called and the Final Level of the Lesser Performing Reference Asset on the Valuation Date is
 less than its Trigger Level, the amount of cash that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the value of the Lesser Performing Reference Asset from the Trade Date to the
 Valuation Date. Any Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Payments on the Notes Are Limited** — The payments on the Notes will be limited to the Contingent Coupons. Accordingly, your
 return on the Notes may be less than your return would be if you made an investment in the Reference Assets, the securities included in the Reference Assets, or in a security directly linked to the positive performance of the Reference
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes Are Subject to an Automatic Call —** If on any Observation Date beginning in May 2023, the Observation Level of each
 Reference Asset is greater than or equal to its Initial Level, then the Notes will be automatically called. If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you
 will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent Coupons after that payment. 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.

&nbsp;&nbsp;&nbsp;&nbsp;• **You May Not Receive Any Contingent Coupons —** We will not necessarily make any Contingent Coupons on the Notes. If the Observation Level of either of the Reference
 Assets on an Observation Date is less than its Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Observation Date. If the Observation Level of either of the Reference Assets is less than its Coupon Barrier on
 each of the Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on your Notes. Generally, this non-payment of the Contingent Coupon
 coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of principal, because the Final Level of the Lesser Performing
 Reference Asset will be less than its Trigger Level.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Notes Are Linked to the Lesser Performing Reference Asset, Even if the Other Reference Asset Performs Better —** If either of the Reference Assets has a Final Level
 that is less than its Trigger Level, your return will be linked to the lesser performing of the two Reference Assets. Even if the Final Level of the other Reference Asset has increased compared to its Initial Level, or has experienced a
 decrease that is less than that of the Lesser Performing Reference Asset, your return will only be determined by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of the other Reference
 Asset.

&nbsp;&nbsp;&nbsp;&nbsp;• **Your Payment on the Notes Will Be Determined by Reference to Each Reference Asset Individually, Not to a Basket, and the Payment at Maturity Will Be Based on the Performance of the Lesser Performing Reference Asset —** The Payment at Maturity will be determined only by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of the other Reference Asset.
 The Notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the return would depend on the
 weighted aggregate performance of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be mitigated by the appreciation of the other basket components, as scaled by the
 weighting of that basket component. However, in the case of the Notes, the individual performance of each of the Reference Assets would not be combined, and the depreciation of one Reference Asset would not be mitigated by any
 appreciation of the other Reference Asset. Instead, your return will depend solely on the Final Level of the Lesser Performing Reference Asset.

P-8 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

&nbsp;&nbsp;&nbsp;&nbsp;• **The Call Feature and the Contingent Coupon Feature Limit Your Potential Return —** The return potential of the Notes is limited to the pre-specified Contingent Coupon
 Rate, regardless of the appreciation of the Reference Assets. In addition, the total return on the Notes will vary based on the number of Observation Dates on which the Contingent Coupon becomes payable prior to maturity or an automatic
 call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupons or any other payment in respect of any Observation Dates after the applicable Call Settlement Date. Since the Notes could be
 called as early as the Observation Date occurring in May 2023, the total return on the Notes could be minimal. If the Notes are not called, you may be subject to the full downside performance of the Lesser Performing Reference Asset
 even though your potential return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the Reference Assets.

&nbsp;&nbsp;&nbsp;&nbsp;• **Your Return on the Notes May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity —** The return that you will receive on the Notes, which
 could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you purchased one of our conventional senior interest bearing
 debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes —** The Notes are our senior
 unsecured debt securities. As a result, your receipt of any Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay our obligations on the applicable payment dates. This
 will be the case even if the values of the Reference Assets increase after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the term of the Notes.

#### Risks Relating to the Secondary Market for the Notes
&nbsp;&nbsp;&nbsp;&nbsp;• **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. RBCCM or any of our other affiliates may stop any market-making
 activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a
 result, the difference between bid and asked prices for your Notes in any secondary market could be substantial.

&nbsp;&nbsp;&nbsp;&nbsp;• **Prior to Maturity, the Value of the Notes Will Be Influenced by Many Unpredictable Factors —** Many economic and market factors
 will influence the value of the Notes. We expect that, generally, the price or level of each Reference Asset on any day will affect the value of the Notes more than any other single factor. However, you should not expect the value of
 the Notes in the secondary market to vary in proportion to changes in the value of the Reference Assets. The value of the Notes will be affected by a number of other factors that may either offset or magnify each other, including:

<br> ➢ the market value of the Reference Assets;

<br> ➢ whether the market value of one or more of the Reference Assets is less than its Coupon Barrier or its Trigger Level;

<br> ➢ the expected volatility of the Reference Assets;

<br> ➢ the time to maturity of the Notes;

<br> ➢ the dividend rate on the Reference Assets or on the equity securities represented by the Reference Assets;

<br> ➢ interest and yield rates in the market generally, as well as in the markets of the equity securities represented by the Reference Assets;

<br> ➢ the occurrence of certain events relating to a Reference Asset that may or may not require an adjustment to the Initial Level, the Coupon Barrier and the Trigger Level;

➢ economic, financial, political, regulatory or judicial events that affect the Reference Assets or the equity securities represented by the Reference Assets or stock markets generally, and which may affect the market value of the Reference Assets on any Observation Date; and

P-9 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

<br> ➢ our creditworthiness, including actual or anticipated downgrades in our credit ratings.

Some or all of these factors will influence the price you will receive if you choose to sell your Notes prior to maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or factors. You may have to sell your Notes at a substantial discount from the principal amount if the market value of the Reference Assets is at, less than or not sufficiently above their Initial Levels, Coupon Barriers or Trigger Levels.

#### Risks Relating to the Initial Estimated Value of the Notes
&nbsp;&nbsp;&nbsp;&nbsp;• **The Initial Estimated Value of the Notes Is Less than the Price to the Public —** The initial estimated value that is set forth on the cover page of this pricing
 supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity,
 their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the prices or levels of the Reference Assets, the borrowing rate we pay to issue securities
 of this kind, and the inclusion in the price to the public of the underwriting discount and the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term
 of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any
 other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include the underwriting discount or
 the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the secondary rate rather than the internal funding rate used
 to price the Notes and determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you
 should be able and willing to hold your Notes to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Initial Estimated Value of the Notes Set Forth on the Cover Page of this Pricing Supplement Is an Estimate Only, Calculated as of the Time the Terms of the Notes Were Set —** The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See "Structuring
 the Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
 forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.

The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.

#### Risks Relating to Conflicts of Interest and Our Trading Activities
&nbsp;&nbsp;&nbsp;&nbsp;• **Our Business Activities May Create Conflicts of Interest —** We and our affiliates expect to engage in trading activities related to the Notes included in or represented
 by the Reference Assets that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders' interests in the Notes and the interests we and our affiliates will
 have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they influence the prices
 or levels of the Reference Assets, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with the securities included in or represented
 by the Reference Assets, including making loans to or providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between our or one
 or more of our affiliates' obligations and your interests as a holder of the Notes. Moreover, we, and our affiliates may have published, and in the future expect to publish, research reports with respect to the Reference Assets or
 securities included in or represented by the Reference Assets. This research is modified from time to time without notice and may express opinions or provide recommendations that are

P-10 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the prices or levels of the Reference Assets and, therefore, the market value of the Notes.

#### Risks Relating to the Reference Assets
&nbsp;&nbsp;&nbsp;&nbsp;• **An Investment in the Notes Is Subject to Risks Associated with Specific Economic Sectors —** The stocks held by each Reference Asset to which the Notes are linked are
 issued by companies engaged in a specific sector of the economy, specifically, the U.S. energy sector, as to XLE, and the European financial sector, as to the SX7E. Accordingly, an investment in the Notes is subject to the specific
 risks of companies that operate in each of those sectors. An investment in the Notes may accordingly be more risky than a security linked to a more diversified set of securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Owning the Notes Is Not the Same as Owning the Securities Represented by the Reference Assets —** The return on your Notes is unlikely to reflect the return you would
 realize if you actually owned shares of the Reference Assets or the securities represented by the Reference Assets. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on these
 securities during the term of your Notes. As an owner of the Notes, you will not have voting rights or any other rights that holders of these securities may have. Furthermore, the Reference Assets may appreciate substantially during the
 term of the Notes, while your potential return will be limited to the applicable Contingent Coupon payments.

&nbsp;&nbsp;&nbsp;&nbsp;• **You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Assets —** In the ordinary course of their business, our affiliates may have
 expressed views on expected movements in the Reference Assets or the equity securities that they represent, and may do so in the future. These views or reports may be communicated to our clients and clients of our affiliates. However,
 these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any Reference Asset may at any time have significantly different views from those of our affiliates. For
 these reasons, you are encouraged to derive information concerning the Reference Assets from multiple sources, and you should not rely solely on views expressed by our affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;• **An Investment in the Notes Is Subject to Management Risk —** The XLE is not managed according to traditional methods of ''active'' investment management, which involve
 the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, the XLE, utilizing a ''passive'' or indexing investment approach, attempts to approximate the investment performance
 of its underlying index by investing in a portfolio of securities that generally replicate its underlying index. Therefore, unless a specific security is removed from its underlying index, the XLE generally would not sell a security
 because the security's issuer was in financial trouble. In addition, the XLE is subject to the risk that the investment strategy of its investment advisor may not produce the intended results.

&nbsp;&nbsp;&nbsp;&nbsp;• **The XLE and its Underlying Index Are Different —** The performance of the XLE may not exactly replicate the performance of its underlying index, because the XLE will
 reflect transaction costs and fees that are not included in the calculation of its underlying index. It is also possible that the performance of the XLE may not fully replicate or may in certain circumstances diverge significantly from
 the performance of its underlying index due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the XLE or due to other circumstances. The XLE may use
 futures contracts, options, swap agreements, currency forwards and repurchase agreements in seeking performance that corresponds to its underlying index and in managing cash flows.

During periods of market volatility, securities underlying the XLE may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of the XLE and the liquidity of the XLE may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the XLE. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of the XLE. As a result, under these circumstances, the market value of shares of the XLE may vary substantially from its net asset value per share. For all of the foregoing reasons, the performance of the XLE may not correlate with the performance of its underlying index as well as its net asset value per share, which could materially and adversely affect the value of the Notes in the secondary market and/or reduce the payments on the Notes.

P-11 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

&nbsp;&nbsp;&nbsp;&nbsp;• **We and Our Affiliates Do Not Have Any Affiliation with the Advisor or the Sponsor of the XLE or the Underlying Index and Are Not Responsible for Its Public Disclosure of Information —** We and our affiliates are not affiliated with the investment advisor or the sponsor of the XLE or its underlying index in any way and have no ability to control or predict
 its actions, including any errors in or discontinuance of disclosure regarding its methods or policies relating to the XLE or the underlying index. The investment advisor or the sponsor of the XLE and the underlying index are not
 involved in the offering of the Notes in any way and have no obligation to consider your interests as an owner of the Notes in taking any actions relating to the XLE that might affect the value of the Notes. Neither we nor any of our
 affiliates has independently verified the adequacy or accuracy of the information about the investment advisor, the sponsor, or the XLE contained in any public disclosure of information. You, as an investor in the Notes, should make
 your own investigation into the XLE.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Policies of the XLE's Investment Adviser Could Affect the Amount Payable on the Notes and Their Market Value —** The policies of the XLE's investment adviser
 concerning the management of the XLE, additions, deletions or substitutions of the securities held by the XLE could affect the market price of shares of the XLE and, therefore, the amount payable on the Notes on the maturity date and
 the market value of the Notes before that date. The amount payable on the Notes and their market value could also be affected if the XLE's investment adviser changes these policies, for example, by changing the manner in which it
 manages the XLE, or if the XLE's investment adviser discontinues or suspends maintenance of the XLE, in which case it may become difficult to determine the market value of the Notes. The XLE's investment adviser has no connection to the
 offering of the Notes and have no obligations to you as an investor in the Notes in making its decisions regarding the XLE.

&nbsp;&nbsp;&nbsp;&nbsp;• **Changes that Affect the SX7E Will Affect the Market Value of the Notes and the Payments on the Notes —** The policies of the index sponsor of the SX7E concerning the
 calculation of the SX7E, additions, deletions or substitutions of the components of the SX7E and the manner in which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in the SX7E
 and, therefore, could affect the amounts payable on the Notes at maturity, and the market value of the Notes prior to maturity. The amounts payable on the Notes and their market value could also be affected if the index sponsor changes
 these policies, for example, by changing the manner in which it calculates the SX7E, or if the index sponsor discontinues or suspends calculation or publication of the SX7E, in which case it may become difficult to determine the market
 value of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• **We Have No Affiliation with the Index Sponsor and Will Not Be Responsible for any Actions Taken by the Index Sponsor —** The index sponsor is not an affiliate of ours
 and will not be involved in the offering of the Notes in any way. Consequently, we have no control of the actions of the index sponsor, including any actions of the type that might impact the value of the Notes. The index sponsor has no
 obligation of any sort with respect to the Notes. Thus, the index sponsor has no obligation to take your interests into consideration for any reason, including in taking any actions that might affect the value of the Notes. None of our
 proceeds from the issuance of the Notes will be delivered to the index sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;• **An Investment in the Notes Is Subject to Risks Relating to Non-U.S. Securities Markets —** Because foreign companies or foreign equity securities included in the SX7E are
 publicly traded in the applicable foreign countries and are denominated in Euro, an investment in the Notes involves particular risks. For example, the non-U.S. securities markets may be more volatile than the U.S. securities markets,
 and market developments may affect these markets differently from the U.S. or other securities markets. Direct or indirect government intervention to stabilize the securities markets outside the U.S., as well as cross-shareholdings in
 certain companies, may affect trading prices and trading volumes in those markets. Also, the public availability of information concerning the foreign issuers may vary depending on their home jurisdiction and the reporting requirements
 imposed by their respective regulators. In addition, the foreign issuers may be subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Payments on the Notes Are Subject to Postponement due to Market Disruption Events and Adjustments —** The payment at maturity, each Observation Date and the
 Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see "General Terms
 of the Notes—Market Disruption Events" in the product prospectus supplement and "—Additional Terms of Your Notes Related to the Index" below.

P-12 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### ADDITIONAL TERMS OF YOUR NOTES RELATED TO THE INDEX

#### Closing Level
The closing level of the SX7E on any trading day will equal its closing level published following the regular official weekday close of trading on that trading day.

A "trading day" as to the SX7E means a day on which the principal trading market for the SX7E is open for trading.

#### Unavailability of the Level of the SX7E
If the sponsor of the SX7E discontinues publication of that index and its sponsor or another entity publishes a successor or substitute index that the calculation agent determines, in its sole discretion, to be comparable to the discontinued index (such successor or substitute index being referred to in this section as a "successor index"), then any subsequent index closing level will be determined by reference to the published level of that successor index at the regular weekday close of trading on the applicable trading day.

Upon any selection by the calculation agent of a successor index, the calculation agent will provide written notice to the trustee of the selection, and the trustee will furnish written notice thereof, to the extent the trustee is required to under the senior debt indenture, to each noteholder, or in the case of global notes, the depositary, as holder of the global notes.

If a successor index is selected by the calculation agent, that successor index will be used as a substitute for that index for all purposes, including for purposes of determining whether a market disruption event exists with respect to that index.

If the sponsor of the SX7E discontinues publication of that index prior to, and that discontinuance is continuing on, any trading day on which the level of that index must be determined, and the calculation agent determines, in its sole discretion, that no successor index is available at that time, then the calculation agent will determine the level of that index for the relevant date in accordance with the formula for and method of calculating that index last in effect prior to the discontinuance, without rebalancing or substitution, using the closing level (or, if trading in the relevant underlying securities or components of that index have been materially suspended or materially limited, its good faith estimate of the closing level that would have prevailed but for that suspension or limitation) at the close of the principal trading session of the relevant exchange on that date of each security or component most recently comprising that index. Notwithstanding these alternative arrangements, discontinuance of the publication of the SX7E may adversely affect the value of your Notes.

If at any time the method of calculating a closing level for the SX7E or a successor index is changed in a material respect, or if the SX7E is in any other way modified so that it does not, in the opinion of the calculation agent, fairly represent the level of the SX7E had those changes or modifications not been made, then, from and after that time, the calculation agent will, at the close of business in New York City on the applicable trading day, make such calculations and adjustments as, in the good faith judgment of the calculation agent, may be necessary in order to arrive at a level of an index comparable to the SX7E as if those changes or modifications had not been made. Accordingly, if the method of calculating the SX7E is modified so that the value of the SX7E is a fraction of what it would have been if it had not been modified (e.g., due to a split in that index), then the calculation agent will adjust the level of the applicable index in order to arrive at a value as if it had not been modified (e.g., as if such split had not occurred).

#### Index Market Disruption Events
A "market disruption event" with respect to the SX7E means any event, circumstance or cause which we determine, and the calculation agent confirms, has or will have a material adverse effect on our ability to perform our obligations under the Notes or to hedge our position in respect of our obligations to make payment of amounts owing thereunder and more specifically includes the following events to the extent that they have such effect with respect to the applicable index:

• a suspension, absence or limitation of trading in index components constituting 20% or more, by weight, of the SX7E;

<br> • a suspension, absence or limitation of trading in futures or options contracts relating to an index on their respective markets;

• any event that disrupts or impairs, as determined by the calculation agent, the ability of market participants to (i) effect transactions in, or obtain market values for, index components constituting 20% or more, by weight, of the SX7E, or (ii) effect transactions in, or obtain market values for, futures or options contracts relating to the SX7E on their respective markets;

• the closure on any day of the primary market for futures or options contracts relating to the SX7E or index components constituting 20% or more, by weight, of the SX7E on a scheduled trading day prior to the scheduled weekday closing time of that market (without regard to after hours or any other trading outside of the regular trading session hours) unless such earlier closing time is announced by the primary market at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such primary market on such scheduled trading day for such primary market and (ii) the submission deadline for orders to be entered into the relevant exchange system for execution at the close of trading on such scheduled trading day for such primary market;

P-13 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

• any scheduled trading day on which (i) the primary markets for index components constituting 20% or more, by weight, of the SX7E or (ii) the exchanges or quotation systems, if any, on which futures or options contracts on the SX7E are traded, fails to open for trading during its regular trading session; or

• any other event, if the calculation agent determines in its sole discretion that the event interferes with our ability or the ability of any of our affiliates to unwind all or a portion of a hedge with respect to the Notes that we or our affiliates have effected or may effect.

P-14 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### INFORMATION REGARDING THE REFERENCE ASSETS
The following information regarding each of the Reference Assets is derived from publicly available information. We have not independently verified the accuracy or completeness of this information.

#### The Energy Select Sector SPDR<sup>®</sup> Fund ("XLE")
The XLE seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Energy Select Sector Index. The Energy Select Sector Index measures the performance of the energy sector of the U.S. equity market. The XLE is composed of companies engaged in the oil, gas and consumable fuel, energy equipment and services industries. The XLE trades on the NYSE Arca under the ticker symbol "XLE."

The XLE is an investment portfolio maintained and managed by the investment advisor. The Notes are not sponsored, endorsed, sold or promoted by this investment advisor. This investment advisor makes no representations or warranties to the owners of the Notes or any member of the public regarding the advisability of investing in the Notes. This investment advisor has no obligation or liability in connection with the operation, marketing, trading or sale of the Notes.

#### Eligibility Criteria for Index Components
The stocks included in each Select Sector Index are selected from the universe of companies represented by the S&P 500<sup>®</sup> Index. Standard & Poor's Financial Services LLC ("S&P") acts as index calculation agent in connection with the calculation and dissemination of each Select Sector Index. Each stock in the S&P 500<sup>®</sup> Index is allocated to only one Select Sector Index, and the Select Sector Indices together comprise all of the companies in the S&P 500<sup>®</sup> Index.

#### Index Maintenance
Each Select Sector Index was developed and is maintained in accordance with the following criteria:

<br> ◾ Each of the component stocks in a Select Sector Index (the "Component Stocks") is a constituent company of the S&P 500<sup>®</sup> Index.

<br> ◾ The eleven Select Sector Indices together will include all of the companies represented in the S&P 500<sup>®</sup>Index and each of the stocks in the S&P 500<sup>®</sup> Index will be allocated to at least one of the Select Sector Indices.

<br> ◾ Each constituent stock of the S&P 500<sup>®</sup> Index is assigned to a Select Sector Index based on its GICS sector. Each Select Sector Index is made up of all the stocks in the applicable GICS sector.

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| ◾ | Each Select Sector Index is calculated by the index sponsor, Standard & Poor's, using a capped market capitalization methodology where single index constituents or defined groups of index constituents are confined to a maximum weight and the excess weight is distributed proportionally among the remaining index constituents. Each Select Sector Index is rebalanced from time to time to re-establish the proper weighting. |

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|:---|:---|
| ◾ | For reweighting purposes, each Select Sector Index is rebalanced quarterly after the close of business on the third Friday of March, June September and December using the following procedures: (1) The rebalancing reference date is the second Friday of March, June, September and December; (2) With prices reflected on the rebalancing reference date, and membership, shares outstanding and investable weight factors as of the rebalancing effective date, each company is weighted by float-adjusted market capitalization methodology. Modifications are made as defined below. |

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(i) If any Component Stock has a weight greater than 24%, that Component Stock has its float-adjusted market capitalization weight capped at 23%. The 23% weight cap creates a 2% buffer to ensure that no Component Stock exceeds 25% as of the quarter-end diversification requirement date.

<br> (ii) All excess weight is equally redistributed to all uncapped Component Stocks within the relevant Select Sector Index.

(iii) After this redistribution, if the float-adjusted market capitalization weight of any other Component Stock(s) then breaches 23%, the process is repeated iteratively until no Component Stocks breaches the 23% weight cap.

(iv) The sum of the Component Stocks with weights greater than 4.8% cannot exceed 50% of the total index weight. These caps are set to allow for a buffer below the 5% limit.

(v) If the rule in step (iv) is breached, all the Component Stocks are ranked in descending order of their float-adjusted market capitalization weights and the first Component Stock that causes the 50% limit to be breached has its weight reduced to 4.5%.

(vi) This excess weight is equally redistributed to all Component Stocks with weights below 4.5%. This process is repeated iteratively until step (iv) is satisfied.

P-15 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

(vii) Index share amounts are assigned to each Component Stock to arrive at the weights calculated above. Since index shares are assigned based on prices one week prior to rebalancing, the actual weight of each Component Stock at the rebalancing differs somewhat from these weights due to market movements.

(viii) If, on the second to last business day of March, June, September, or December, a company has a weight greater than 24% or the sum of the companies with weights greater than 4.8% exceeds 50%, a secondary rebalancing will be triggered with the rebalancing effective date being after the close of the last business day of the month. This second rebalancing will use the closing prices as of the second to last business day of March, June, September or December, and membership, shares outstanding, and IWFs as of the rebalancing effective date.

At times, Component Stocks may be represented in the Select Sector Indices by multiple share class lines. Maximum weight capping is based on Component Stock float-adjusted market capitalization, with the weight of multiple class companies allocated proportionally to each share class line based on its float-adjusted market capitalization as of the rebalancing reference date. If no capping is required, both share classes remain in the Select Sector Index at their natural float-adjusted market capitalization.

Each Select Sector Index is calculated using the same methodology utilized by S&P Dow Jones Indices in calculating the S&P 500<sup>®</sup> Index, using a base-weighted aggregate methodology. The daily calculation of each Select Sector Index is computed by dividing the total market value of the companies in the Select Sector Index by a number called the index divisor.

#### Calculation of the Underlying Index
Each Select Sector Index is calculated using the same methodology utilized by S&P in calculating the S&P 500<sup>®</sup> Index, using a base-weighted aggregate methodology. The daily calculation of each Select Sector Index is computed by dividing the total market value of the companies in the Select Sector Index by a number called the index divisor.

A SPDR<sup>®</sup> Component Stock which has been assigned to one Select Sector Index may be determined to have undergone a transformation in the composition of its business, and that it should be removed from that Select Sector Index and assigned to a different Select Sector Index. In the event that a SPDR<sup>®</sup> Component Stock's Select Sector Index assignment should be changed, S&P will disseminate notice of the change following its standard procedure for announcing index changes, and will implement the change in the affected Select Sector Indexes after the initial dissemination of information on the sector change.

SPDR<sup>®</sup> Component Stocks removed from and added to the S&P 500<sup>®</sup> Index will be deleted from and added to the appropriate Select Sector Index on the same schedule used by S&P for additions and deletions from the S&P 500<sup>®</sup> Index insofar as practicable.

Additional information regarding the calculation and composition of the underlying index, including the index methodology, may be found on S&P's website. Information included in that website is not included or incorporated by reference into this document.

P-16 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### EURO STOXX<sup>®</sup> Banks Index ("SX7E")
All disclosures contained in this document regarding the SX7E, including, without limitation, its make up, method of calculation, and changes in its components, have been derived from publicly available sources. The information reflects the policies of, and is subject to change by, STOXX Limited (STOXX). STOXX, which owns the copyright and all other rights to the SX7E, has no obligation to continue to publish, and may discontinue publication of, the SX7E. Neither of us nor RBCCM accepts any responsibility for the calculation, maintenance or publication of the SX7E or any successor index.

#### Description of the SX7E

#### Composition and Maintenance
The SX7E is a free float capitalization-weighted index that tracks the companies in the Banks supersector of the STOXX<sup>®</sup> Europe 600 Index from 11 Eurozone countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The banks supersector, based on the Industry Classification Benchmark (ICB), tracks companies providing a broad range of financial services, including retail banking, loans and money transmissions.

Information regarding the SX7E may be found on STOXX's website. That information is updated from time to time on that website. Please note that information included in that website is not included or incorporated by reference in this pricing supplement.

The composition of the SX7E is reviewed quarterly in March, June, September and December. The review cut-off date is the last trading day of the month preceding the review month.

The free float factors for each component stock used to calculate the SX7E, as described below, are reviewed, calculated, and implemented on a quarterly basis and are fixed until the next quarterly review.

The SX7E is also reviewed on an ongoing basis. Corporate actions (including initial public offerings, mergers and takeovers, spin-offs, delistings, and bankruptcy) that affect the SX7E composition are immediately reviewed. Any changes are announced, implemented, and effective in line with the type of corporate action and the magnitude of the effect.

#### Calculation of the SX7E
The SX7E is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component stocks against a fixed base quantity weight. The formula for calculating the SX7E value can be expressed as follows:

*EURO STOXX<sup>®</sup>* *Banks Index =* <u> *Free float market capitalization of the SX7E* </u> <br> *Adjusted base date market capitalization of the SX7E*

The "free float market capitalization of the SX7E" is equal to the sum of the products of the closing price, market capitalization, and free float factor for each component stock as of the time the SX7E is being calculated.

The SX7E is also subject to a divisor, which is adjusted to maintain the continuity of the SX7E values across changes due to corporate actions, such as the deletion and addition of stocks, the substitution of stocks, stock dividends, and stock splits.

#### The STOXX<sup>®</sup> Europe 600 Index

*Component Selection*

The composition of the STOXX<sup>®</sup> Europe 600 Index is reviewed by STOXX Limited quarterly and changes are typically implemented on the third Friday of every March, June, September and December, with effect on the next trading day. If the third Friday of the relevant month is not a trading day, then the implementation occurs on the next trading day, with effect on the following trading day. In connection with the quarterly review, the eligible stocks in the STOXX<sup>®</sup> Europe Total Market Index are ranked in terms of free float market capitalization to produce the selection list for the STOXX<sup>®</sup> Europe 600 Index. The STOXX<sup>®</sup> Europe Total Market Index consists of the top 95% (subject to applicable buffer rules) by free-float market capitalization of the total equity having a country assignment in one of the 17 countries listed above (based on the country of incorporation, the primary listing and the country with the largest trading volume).

P-17 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

The selection list for the STOXX<sup>®</sup> Europe 600 Index is updated and published on a monthly basis according to the review component selection process in case a replacement is needed for a deletion. To create the selection list for the STOXX<sup>®</sup> Europe 600 Index, for each company having more than one eligible class of stock, only the most liquid class is eligible, and a liquidity screen of a 3-month average daily trading volume of greater than one million Euros is applied to the eligible stocks. The eligible stocks remaining after application of the liquidity screen are ranked by their free float market capitalizations.

At the quarterly review, the largest 550 stocks on the selection list qualify for selection for the STOXX<sup>®</sup> Europe 600 Index. The remaining 50 stocks for the STOXX<sup>®</sup> Europe 600 Index are selected from the current components ranked between 551 and 750 that meet all of the criteria (including the liquidity screen). If the number of stocks selected is still below 600, the largest (by free float market capitalization) stocks on the selection list are selected until there are 600 stocks.

*Ongoing Maintenance*

The component stocks of the STOXX<sup>®</sup> Europe 600 Index are monitored on an ongoing monthly basis for deletion and quarterly basis for addition. Changes to the composition of the STOXX<sup>®</sup> Europe 600 Index due to corporate actions (including mergers and takeovers, spin-offs, sector changes and bankruptcy) are announced immediately, implemented two trading days later and become effective on the next trading day after implementation.

Any component stocks that are not traded for 10 consecutive days, are suspended from trading for 10 consecutive days, are officially delisted or are the subject of ongoing bankruptcy proceeds will be deleted from the STOXX<sup>®</sup> Europe 600 Index. A deleted stock is replaced by the highest-ranked non-component on the selection list in the STOXX Europe Total Market Index to maintain the fixed number of stocks in the STOXX<sup>®</sup> Europe 600 Index.

In the case of a spin-off, if the original stock was a component stock, then each spin-off stock qualifies for addition to the STOXX<sup>®</sup> Europe 600 Index if it is equal to or above 550 on the latest selection list. The largest qualifying spin-off stock replaces the original component stock, while the next qualifying spin-off stock replaces the lowest ranked component stock and likewise for other qualifying spin-off stocks. Additions and deletions in connection with a quarterly review are announced on the first trading day of the review implementation month.

The free float factors and outstanding number of shares for each index stock that STOXX Limited uses to calculate the STOXX<sup>®</sup> Europe 600 Index are reviewed, calculated and implemented on a quarterly basis and are fixed until the next quarterly review. These changes are announced five trading days before they are implemented. Certain extraordinary adjustments to the factors and/or the number of outstanding shares are implemented and made effective more quickly. The timing depends on the magnitude of the change. The free float factor reduces the index stock's number of shares to the actual amount available on the market. Holdings that are larger than five percent of the total outstanding number of shares and held on a long-term basis are excluded from the STOXX<sup>®</sup> Europe 600 Index calculation (including, but not limited to, stock owned by the company itself, stock owned by governments, stock owned by certain individuals or families, and restricted shares). In addition, the weight of each component in the STOXX<sup>®</sup> Europe 600 Index is capped at 20% of the STOXX<sup>®</sup> Europe 600 Index's total free float market capitalization.

#### License Agreement
We have entered into a non-exclusive license agreement with STOXX providing for the license to us and certain of our affiliated or subsidiary companies, in exchange for a fee, of the right to use indices owned and published by STOXX (including the SX7E) in connection with certain Notes, including the Notes offered hereby.

The license agreement between us and STOXX requires that the following language be stated in this document:

STOXX has no relationship to us, other than the licensing of the SX7E and the related trademarks for use in connection with the Notes. STOXX does not:

<br> • sponsor, endorse, sell, or promote the Notes;

<br> • recommend that any person invest in the Notes offered hereby or any other Notes;

• have any responsibility or liability for or make any decisions about the timing, amount, or pricing of the Notes;

<br> • have any responsibility or liability for the administration, management, or marketing of the Notes; or

<br> • consider the needs of the Notes or the holders of the Notes in determining, composing, or calculating the SX7E, or have any obligation to do so.

STOXX will not have any liability in connection with the Notes. Specifically:

<br> • STOXX does not make any warranty, express or implied, and disclaims any and all warranty concerning:

<br> o the results to be obtained by the Notes, the holders of the Notes or any other person in connection with the use of the SX7E and the data included in the SX7E;

<br> o the accuracy or completeness of the SX7E and its data; and

P-18 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

<br> o the merchantability and the fitness for a particular purpose or use of the SX7E and its data;

<br> • STOXX will have no liability for any errors, omissions, or interruptions in the SX7E or its data; and

<br> • Under no circumstances will STOXX be liable for any lost profits or indirect, punitive, special, or consequential damages or losses, even if STOXX knows that they might occur.

The licensing agreement between us and STOXX is solely for their benefit and our benefit, and not for the benefit of the holders of the Notes or any other third parties.

P-19 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### HISTORICAL INFORMATION
The graphs below set forth the information relating to the historical performance of the Reference Assets. We obtained the information in the graphs below from Bloomberg Financial Markets.

We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The historical performance of any Reference Asset should not be taken as an indication of its future performance, and no assurance can be given as to the prices or levels of the Reference Assets at any time. We cannot give you assurance that the performance of the Reference Assets will not result in the loss of all or part of your investment.

#### Historical Information for the Energy Select Sector SPDR<sup>®</sup> Fund ("XLE")
The graph below illustrates the performance of this Reference Asset from January 1, 2013 to February 22, 2023, reflecting its Initial Level of $83.51. The red line represents its Coupon Barrier and Trigger Level of $58.46, which is equal to 70% of its Initial Level, rounded to two decimal places.

![](image00004.jpg)

P-20 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### Historical Information for the EURO STOXX<sup>®</sup> Banks Index ("SX7E")
The graph below illustrates the performance of this Reference Asset from January 1, 2013 to February 22, 2023, reflecting its Initial Level of 113.35. The red line represents its Coupon Barrier and Trigger Level of 79.35, which is equal to 70% of its Initial Level, rounded to two decimal places.

![](image00005.jpg)

P-21 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

#### SUPPLEMENTAL DISCUSSION OF

#### U.S. FEDERAL INCOME TAX CONSEQUENCES
The following disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product prospectus supplement dated September 14, 2021 under "Supplemental Discussion of U.S. Federal Income Tax Consequences."

Under Section 871(m) of the Code, a "dividend equivalent" payment is treated as a dividend from sources within the United States. Such payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend equivalents if such specified ELIs reference, directly or indirectly, an interest in an "underlying security," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, the IRS has issued guidance that states that the U.S. Treasury Department and the IRS intend to amend the effective dates of the U.S. Treasury Department regulations to provide that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2025. Based on our determination that the Notes are not delta-one instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the Reference Assets or the Notes (for example, upon a rebalancing of a Reference Asset), and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the Reference Assets or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable withholding agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.

P-22 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
Delivery of the Notes will be made against payment for the Notes on March 1, 2023, which is the fifth (5<sup>th</sup>) business day following the Trade Date (this settlement cycle being referred to as "T+5"). See "Plan of Distribution" in the prospectus dated September 14, 2021. For additional information as to the relationship between us and RBCCM, please see the section "Plan of Distribution—Conflicts of Interest" in the prospectus dated September 14, 2021.

We will deliver the Notes on a date that is greater than two business days following the Trade Date. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the original issue date will be required to specify alternative arrangements to prevent a failed settlement.

In the initial offering of the Notes, they were offered to investors at a purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this document. In addition to the underwriting discount set forth on the cover page, we or one of our affiliates may also pay an expected fee to a broker-dealer that is unaffiliated with us for providing certain electronic platform services with respect to this offering.

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 upon 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 six months after the issue date of the Notes, 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 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 RBCCM's underwriting discount 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.

We 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.***

### STRUCTURING THE NOTES
The Notes are our debt securities, the return on which is linked to the performance of the Reference Assets. 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 at the time of pricing. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under these Notes at a rate that is more favorable to us than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. Using this relatively lower implied borrowing rate rather than the secondary market rate, is a factor that reduced the initial estimated value of the Notes at the time their terms were set. Unlike the estimated value that is set forth on the cover page of this pricing supplement, any value of the Notes determined for purposes of a secondary market transaction may be based on a different funding 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) on the issue date with RBCCM 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, the volatility of the Reference Assets, and the tenor of the Notes. The economic terms of the Notes and their initial estimated value depend in part on the terms of these hedging arrangements.

The lower implied borrowing rate is a factor that reduced the economic terms of the Notes to you. The initial offering price of the Notes also reflects the underwriting commission and our estimated hedging costs. These factors resulted in the initial estimated value for the Notes on the Trade Date being less than their public offering price. See "Selected Risk Considerations—The Initial Estimated Value of the Notes Is Less than the Price to the Public" above.

P-23 RBC Capital Markets, LLC

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<br>Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of One Exchange Traded Fund and One Index <br> Royal Bank of Canada

### VALIDITY OF THE NOTES
In the opinion of Norton Rose Fulbright Canada LLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank in conformity with the Indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the Indenture and delivered against payment therefor, the Notes will be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario or Québec, or the laws of Canada applicable therein, will be valid obligations of the Bank, subject to equitable remedies which may only be granted at the discretion of a court of competent authority, subject to applicable bankruptcy, to rights to indemnity and contribution under the Notes or the Indenture which may be limited by applicable law, to insolvency and other laws of general application affecting creditors' rights, to limitations under applicable limitations statutes, and to limitations as to the currency in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the Trustee's authorization, execution and delivery of the Indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated September 14, 2021, which has been filed as Exhibit 5.3 to Royal Bank's Form 6-K filed with the SEC dated September 14, 2021.

In the opinion of Ashurst LLP, when the Notes have been duly completed in accordance with the Indenture and issued and sold as contemplated by the prospectus supplement and the prospectus, the Notes will be valid, binding and enforceable obligations of the Bank, entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and subject to general principles of equity, public policy considerations and the discretion of the court before which any suit or proceeding may be brought. This opinion is given as of the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee's authorization, execution and delivery of the Indenture and the genuineness of signatures and to such counsel's reliance on the Bank and other sources as to certain factual matters, all as stated in the legal opinion dated September 14, 2021, which has been filed as Exhibit 5.4 to the Bank's Form 6-K dated September 14, 2021.

P-24 RBC Capital Markets, LLC

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## Ex-Filing

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Exhibit 107.1

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of the offering is $750,000.

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