# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-009245
**Filing Date:** 2023-2
**Character Count:** 44884
**Document Hash:** 8443b9e224c63f6b7409debff9735345
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-009245.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001140361-23-009245

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**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:** 23687285

**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 24, 2023<br> To the Product Prospectus Supplement ERN-ES-1, the Prospectus Supplement, and the Prospectus, Each Dated September 14, 2021 | &nbsp;&nbsp; $916,000<br> Buffered Enhanced Return Notes Linked<br> to a Basket of Five Common Stocks, Due<br> February 27, 2025<br> Royal Bank of Canada<br>|

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Royal Bank of Canada is offering Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks (the "Notes") linked to an equally-weighted basket (the "Basket") of five equity securities (each, a "Basket Component," and collectively, the "Basket Components").

The Basket Components and their ticker symbols are: Caesars Entertainment, Inc. ("CZR"), Carnival Corporation ("CCL"), Netflix, Inc. ("NFLX"), TripAdvisor, Inc. ("TRIP") and United Airlines Holdings, Inc. ("UAL").

The CUSIP number for the Notes is 78016HSE1. The Notes do not pay interest.

The Notes provide a 200% leveraged positive return if the Percentage Change of the Basket is positive, subject to the Maximum Redemption Amount of 135% of the principal amount of the Notes. If the Percentage Change is negative, but not less than -20%, we will pay the principal amount of the Notes. However, if the Percentage Change is less than -20%, investors will lose 1% of the principal amount for each 1% that the Percentage Change is less than -20%. Any payments on the Notes are subject to our credit risk.

Issue Date: February 28, 2023. Maturity Date: February 27, 2025

The Notes will not be listed on any securities exchange.

Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-6 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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| | | |
|:---|:---|:---|
|  | <u>Per Note</u> | <u>Total</u> |
| Price to public<sup>(1)</sup> | 100.00% | $916000 |
| Underwriting discounts and commissions<sup>(1)</sup> | 2.25% | $20610 |
| Proceeds to Royal Bank of Canada | 97.75% | $895390 |

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<sup>(1)</sup> Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts may be between $977.50 and $1,000 per $1,000 in principal amount.

RBC Capital Markets, LLC ("RBCCM"), acting as our agent, will receive a commission of $22.50 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 $22.50 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 is $945.76 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>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### 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 Buffered Enhanced Return Notes (the "Notes") linked to a basket (the "Basket") of five equity securities (the "Basket Components"). The Basket Components, their respective Component Weights and their Initial Prices are indicated in the table below. |
| Issuer: | Royal Bank of Canada ("Royal Bank") |
| Underwriter: | RBC Capital Markets, LLC ("RBCCM") |
| Denominations: | $1,000 and minimum denominations of $1,000 in excess thereof |
| Trade Date (Pricing<br> Date): | February 24, 2023 |
| Issue Date: | February 28, 2023 |
| Valuation Date: | February 24, 2025 |
| Maturity Date: | February 27, 2025, subject to extension for market and other disruptions, as described in the product prospectus supplement dated September 14, 2021. |
| Interest Payments: | None. No payments will be made on the Notes prior to the maturity date. |
| Payment at Maturity<br> (if held to maturity): | If the Percentage Change is **positive**, then the investor will receive an amount per $1,000 principal amount per Note equal to the *lesser of*:<br> &nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount + (Principal Amount x Percentage Change x Leverage Factor); and<br> &nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Maximum Redemption Amount |
|  | If the Percentage Change is 0% or negative, but is not less than -20%, the investor will receive the principal amount of the Notes.<br> If the Percentage Change is less than -20%, then the investor will receive a cash payment equal to:<br> Principal Amount + [Principal Amount x (Percentage Change + Buffer Percentage)]<br> *In this case, an investor may lose up to 80% of the principal amount.* |
| Percentage<br> Change: | The Percentage Change will equal an amount, expressed as a percentage and rounded to two decimal places, equal to the *sum* of the Weighted Component Changes for the Basket Components. The Weighted Component Change for each Basket Component will be determined as follows: |
|  | ![](image00003.jpg) |
| Buffer Percentage: | 20% |
| Initial Price: | The closing price per share of a Basket Component on the Trade Date, as set forth in the table below. |
| Leverage Factor: | 200% (subject to the Maximum Redemption Amount) |
| Final Price: | The closing price per share of a Basket Component on the Valuation Date. |

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P-2 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

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|:---|:---|
| Maximum<br> Redemption<br> Amount: | 135% multiplied by the principal amount. |

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| | | | | |
|:---|:---|:---|:---|:---|
| The Basket: | <u>Basket Component</u> | <u>Bloomberg Ticker</u> | <u>Component Weight</u> | <u>Initial Price</u> |
|  | Caesars Entertainment, Inc. | CZR | 1/5 | $50.03 |
|  | Carnival Corporation | CCL | 1/5 | $10.59 |
|  | Netflix, Inc. | NFLX | 1/5 | $317.15 |
|  | TripAdvisor, Inc. | TRIP | 1/5 | $21.59 |
|  | United Airlines Holdings, Inc. | UAL | 1/5 | $50.21 |

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| | |
|:---|:---|
| Principal at Risk: | **The Notes are *NOT* principal protected. You may lose a substantial portion of your principal amount at maturity if the Percentage Change is negative.** |
| Calculation Agent: | 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 Note as a pre-paid cash-settled derivative contract linked to the Basket Components 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<br> in the Master Note: | All of the terms appearing on the cover page and above the item captioned "Secondary Market" on pages P-2 to P-4 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-3 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### 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.***

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 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 ERN-ES-1 dated September 14, 2021:

[https://www.sec.gov/Archives/edgar/data/1000275/000114036121031259/brhc10028936_424b5.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036121031259/brhc10028936_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-4 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### HYPOTHETICAL RETURNS
The examples set out below are included for illustration purposes only. The **hypothetical** Percentage Changes of the Basket used to illustrate the calculation of the Payment at Maturity (rounded to two decimal places) are not estimates or forecasts of the price of any Basket Component, or the value of the Basket, on any trading day prior to the Maturity Date. All examples are based on the Leverage Factor of 200%, the Maximum Redemption Amount of 135% of the principal amount and the Buffer Percentage of 20%, and assume that a holder purchased Notes with an aggregate principal amount of $1,000 and that no market disruption event occurs on the Valuation Date. <br>

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| | | |
|:---|:---|:---|
| Example 1— | Calculation of the Payment at Maturity where the Percentage Change is positive. | Calculation of the Payment at Maturity where the Percentage Change is positive. |
|  | Percentage Change: | 10% |
|  | Payment at Maturity: | $1,000 + ($1,000 x 10% x 200%) = $1,000 + $200 = $1,200 |
|  | On a $1,000 investment, a 10% Percentage Change results in a Payment at Maturity of $1,200, a 20% return on the Notes. | On a $1,000 investment, a 10% Percentage Change results in a Payment at Maturity of $1,200, a 20% return on the Notes. |

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|:---|:---|:---|
| Example 2— | Calculation of the Payment at Maturity where the Percentage Change is positive and the Payment at Maturity is subject to the Maximum Redemption Amount. | Calculation of the Payment at Maturity where the Percentage Change is positive and the Payment at Maturity is subject to the Maximum Redemption Amount. |
|  | Percentage Change: | 20% |
|  | Payment at Maturity: | $1,000 + ($1,000 x 20% x 200%) = $1,000 + $400 = $1,400<br> However, the Maximum Redemption Amount is $1,350 |
|  | On a $1,000 investment, a 20% Percentage Change results in a Payment at Maturity of $1,350, a 35% return on the Notes. | On a $1,000 investment, a 20% Percentage Change results in a Payment at Maturity of $1,350, a 35% return on the Notes. |

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|:---|:---|:---|
| Example 3— | Calculation of the Payment at Maturity where the Percentage Change is negative, but is not less than -20%. | Calculation of the Payment at Maturity where the Percentage Change is negative, but is not less than -20%. |
|  | Percentage Change: | -10% |
|  | In this case, on a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of $1,000, a 0% return on the Notes. | In this case, on a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of $1,000, a 0% return on the Notes. |

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|:---|:---|:---|
| Example 4— | Calculation of the Payment at Maturity where the Percentage Change is less than -20%. | Calculation of the Payment at Maturity where the Percentage Change is less than -20%. |
|  | Percentage Change: | -50% |
|  | Payment at Maturity: | $1,000 + [$1,000 x (-50% + 20%)] = $1,000 - $300 = $700 |
|  | In this case, on a $1,000 investment, a -50% Percentage Change results in a Payment at Maturity of $700, a -30% return on the Notes. | In this case, on a $1,000 investment, a -50% Percentage Change results in a Payment at Maturity of $700, a -30% return on the Notes. |

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P-5 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Basket Components. 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
• **You May Receive Less than the Principal Amount at Maturity** – Investors in the Notes could lose a substantial portion of their principal amount if there is a decline in the value of the Basket. If the Percentage Change is less than -20%, you will lose 1% of the principal amount of your Notes for each 1% that the Percentage Change is less than -20%. You could lose up to 80% of the principal amount.

• **The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity** – There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the same maturity. The return that you will receive on the Notes, which could be 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.

• **Your Potential Payment at Maturity Is Limited** – The Notes will provide less opportunity to participate in the appreciation of the Basket than an investment in a security linked to the Basket providing full participation in the appreciation, because the payment at maturity will not exceed the Maximum Redemption Amount. Accordingly, your return on the Notes may be less than your return would be if you made an investment in the Basket Components or in a security directly linked to the positive performance of the Basket.

• **Owning the Notes Is Not the Same as Owning the Basket Components** — The return on your Notes is unlikely to reflect the return you would realize if you actually owned shares of the Basket Components. For example, 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.

• **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 the amount due on the maturity date is dependent upon our ability to repay our obligations at that time. This will be the case even if the value of the Basket increases after the Trade Date. No assurance can be given as to what our financial condition will be at the maturity of the Notes.

• **Changes in the Value of One Basket Component May Be Offset by Changes in the Value of the Other Basket Components** – A change in the value of one Basket Component may not correlate with changes in the value of the other Basket Components. The value of one Basket Component may increase, while the value of the other Basket Components may not increase as much, or may even decrease. Therefore, in determining the value of the Basket as of any time, increases in the value of one Basket Component may be moderated, or wholly offset, by lesser increases or decreases in the value of the other Basket Components.

#### Risks Relating to the Secondary Market for the Notes
• **There May Not Be an Active Trading Market for the Notes-Sales in the Secondary Market May Result in Significant Losses** — There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. 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

P-6 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

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.

#### Risks Relating to the Initial Estimated Value of the Notes
• **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 of the Basket Components, 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.

• **The Initial Estimated Value of the Notes that Is 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
• **Our Business Activities and Those of Our Affiliates May Create Conflicts of Interest** — We and our affiliates expect to engage in trading activities related to the Basket Components 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 share prices of the Basket Components, 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 issuers of the Basket Components (the "Basket Component Issuers"), 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 Basket Components. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing

P-7 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the share prices of the Basket Components, and therefore, the market value of the Notes.

• **You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Basket Components** — In the ordinary course of their business, our affiliates may have expressed views on expected movements in the Basket Components, 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 Basket Component may at any time have significantly different views from those of our affiliates. For these reasons, you are encouraged to derive information concerning the Basket Components from multiple sources, and you should not rely solely on views expressed by our affiliates.

#### Risks Relating to the Basket Components
• **There Is No Affiliation Between the Basket Component Issuers and RBCCM, and RBCCM Is Not Responsible for any Disclosure by the Basket Component Issuers** — We are not affiliated with the Basket Component Issuers. However, we and our affiliates may currently, or from time to time in the future engage, in business with any Basket Component Issuer. Nevertheless, neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other company prepares. You, as an investor in the Notes, should make your own investigation into the Basket Components.

• **Four out of Five Stocks Included in the Basket are Concentrated in a Single Sector** — Four out of the five stocks included in the Basket are issued by companies in the travel sector. Although an investment in the Notes will not give holders any ownership or other direct interests in the Basket Components, the return on an investment in the Notes will be subject to certain risks associated with a direct equity investment in companies in this sector. Accordingly, by investing in the Notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors.

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

P-8 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### INFORMATION REGARDING THE BASKET COMPONENT ISSUERS
The Basket Components are registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with securities registered under that Act are required to file periodically certain financial and other information specified by the SEC. Information filed with the SEC can be obtained through the SEC's website at www.sec.gov. In addition, information regarding the Basket Components may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

The following information regarding the Basket Component Issuers is derived from publicly available information.

We have not independently verified the accuracy or completeness of reports filed by the Basket Component Issuers with the SEC, information published by it on its website or in any other format, information about it obtained from any other source or the information provided below.

#### Caesars Entertainment, Inc. ("CZR")
Caesars Entertainment, Inc. owns and operates as a chain of resorts. The company offers casino, poker, roulette, and other gaming facilities, as well as provides food and beverages services.

The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "CZR."

#### Carnival Corporation ("CCL")
Carnival Corporation owns and operates cruise ships offering cruises to vacation destinations within North America, the United Kingdom, Germany, Southern Europe, South America, and the Asia-Pacific region. The company, through a subsidiary, also owns and operates hotels and lodges.

The company's common stock is listed on the New York Stock Exchange under the ticker symbol "CCL."

#### Netflix, Inc. ("NFLX")
Netflix, Inc. is an Internet subscription service for watching TV shows and movies. The company's subscribers can watch TV shows and movies streamed over the Internet to their TVs, computers and mobile devices, and, in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "NFLX."

#### TripAdvisor, Inc. ("TRIP")
Tripadvisor, Inc. operates as an online travel research company. The company offers customers travel information, reviews, and opinions of members about destinations and accommodations, including hotels, bed and breakfasts, specialty lodging, vacation rentals, restaurants, and activities.

The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "TRIP."

#### United Airlines Holdings, Inc. ("UAL")
United Airlines Holdings, Inc. is an airline holding company. The company owns and operates airlines that transport persons, property, and mail throughout the United States and abroad.

The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "UAL."<br>

P-9 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

#### HISTORICAL INFORMATION
The graphs below set forth the information relating to the historical performance of the Basket Components. 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 Basket Component should not be taken as an indication of its future performance, and no assurance can be given as to the prices of the Basket Components, or the value of the Basket, at any time. We cannot give you assurance that the performance of the Basket Components will not result in the loss of a substantial portion of your investment.

#### Caesars Entertainment, Inc. ("CZR")
The graph below illustrates the performance of this Basket Component from September 19, 2014 (the date that it commenced trading) to February 24, 2023.

![](image00008.jpg)

P-10 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

#### Historical Information for Carnival Corporation ("CCL")
The graph below illustrates the performance of this Basket Component from January 1, 2013 to February 24, 2023.

![](image00009.jpg)

P-11 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

#### Historical Information for Netflix, Inc. ("NFLX")
The graph below illustrates the performance of this Basket Component from January 1, 2013 to February 24, 2023.

![](image00010.jpg)

P-12 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

#### Historical Information for TripAdvisor, Inc. ("TRIP")
The graph below illustrates the performance of this Basket Component from January 1, 2013 to February 24, 2023.

![](image00011.jpg)

P-13 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

#### Historical Information for United Airlines Holdings, Inc. ("UAL")
The graph below illustrates the performance of this Basket Component from January 1, 2013 to February 24, 2023.

![](image00012.jpg)

P-14 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### 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 Basket Components or the Notes, 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 Basket Components 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-15 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
Delivery of the Notes will be made against payment for the Notes on February 28, 2023, which is the second (2nd) business day following the Trade Date (this settlement cycle being referred to as "T+2"). 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.

In the initial offering of the Notes, they will be 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 3 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.***

P-16 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### STRUCTURING THE NOTES
The Notes are our debt securities, the return on which is linked to the performance of the Basket Components. 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 Basket Components, 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 discount 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-17 RBC Capital Markets, LLC

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<br>Buffered Enhanced Return Notes Linked to a Basket of Five Common Stocks

### 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 the Bank's Form 6-K filed with the SEC on 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-18 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 $916,000.

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