# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-012578
**Filing Date:** 2023-3
**Character Count:** 6506
**Document Hash:** 75c84b123484605cdd8d07a495ef135c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-012578.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001140361-23-012578

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-259205
- **FILM NUMBER:** 23747120

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

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

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

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

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

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

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

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

------

#### Filed Pursuant to Rule 433<br>

#### Registration Statement No. 333-259205

#### <br>
**STEP INCOME SECURITIES<sup>®</sup> (STEPS<sup>®</sup>)**<br>

STEP Income Securities<sup>®</sup> Linked to the Common Stock of The Goldman Sachs Group, Inc.

---

| | |
|:---|:---|
| **Issuer** | Royal Bank of Canada ("RBC") |
| **Principal Amount** | $10.00 per unit |
| **Term** | Approximately one year and one week |
| **Market Measure** | Common Stock of The Goldman Sachs Group, Inc. (the "Underlying Company") (NYSE symbol: GS) |
| **Interest:** | 11% per year, payable quarterly |
| **Payout Profile at** <br> **Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A payment of [$0.10 to $0.50] per unit if the Market Measure increases to or above 111.00% of the Starting Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of your principal at risk |
| **Step Level** | 111.00% of the starting value of the Market Measure |
| **Step Payment** | [$0.10 to $0.50] per unit, a [1.00% to 5.00%] return over the principal amount, to be determined on the pricing date |
| **Threshold Value** | 100% of the Starting Value of the Market Measure |
| **Investment** <br> **Considerations** | This investment is designed for investors who anticipate that the value of the Market Measure will increase to or above the Step Level, are willing to forgo full upside participation above the Starting Level in exchange for earning fixed interest payments and potentially a fixed Step Payment, and are willing to accept full downside risk. |
| **Preliminary Offering**<br> **Documents** | [http://www.sec.gov/Archives/edgar/data/1000275/000114036123012463/brhc10048560_fwp.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036123012463/brhc10048560_fwp.htm) |
| **Exchange Listing** | No |

---

***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***

#### Risk Factors
Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

 *<br> • Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

<br> • Payments on the notes, including repayment of principal, are subject to the credit risk of RBC. If RBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

<br> • Your investment return is limited to the return represented by the periodic interest payments over the term of the notes and the Step Payment, if any, and may be less than a comparable investment directly in the Market Measure.

<br> • The initial estimated value of the notes on the pricing date will be less than their public offering price.

<br> • If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

<br> • You will have no rights of a holder of the Market Measure, and you will not be entitled to receive any shares of the Market Measure or dividends or other distributions by the Underlying Company.

<br> • The issuer, BofAS and their respective affiliates do not control the Underlying Company and have not verified any disclosure made by the Underlying Company. The Underlying Company will have no obligations relating to the notes.

• The Redemption Amount will not be adjusted for all corporate events that could affect the Market Measure.*

*Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.*

** 

<br> *RBC has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents, and the other documents that we have filed with the SEC, for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBC, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S toll-free at 1-800-294-1322.*

**

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