# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-015013
**Filing Date:** 2023-3
**Character Count:** 8750
**Document Hash:** 446c163d9f7242ae24a191fce6d2655d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-015013.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001140361-23-015013

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230330

**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:** 23782774

**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

Registration Statement No. 333-259205

---

| | |
|:---|:---|
| **Royal Bank of Canada**<br> **Market Linked Notes** | ![](image00001.jpg) |

---

Market Linked Notes—Upside Participation to a Cap and Principal Return at Maturity Notes Linked to the Nasdaq-100 Index<sup>®</sup> due November 2, 2026 Term Sheet to Preliminary Pricing Supplement No. WFC206 dated March 30, 2023 <br>

Summary of Terms

---

| | |
|:---|:---|
| Issuer : | Royal Bank of Canada |
| Market Measure: | Nasdaq-100 Index<sup>®</sup> (the "<u>Index</u>") |
| Pricing Date\*: | April 27, 2023 |
| Issue Date\*: | May 2, 2023 |
| Face Amount and<br> Original Offering<br> Price: | $1,000 per note |
| Maturity<br> Payment Amount<br> (per note): | • if the ending level is greater than the starting level:<br> $1,000 *plus* the lesser of: (i) $1,000 × index return × upside participation rate; and (ii) the maximum return;<br> • if the ending level is less than or equal to the starting level: $1,000 |
| Stated Maturity<br> Date\*: | November 2, 2026 |
| Starting Level: | The closing level of the Index on the pricing date |
| Ending Level: | The closing level of the Index on the calculation day |
| Maximum<br> Return: | At least 25.50% of the face amount per note, to be determined on the pricing date |
| Upside<br> Participation<br> Rate: | 100% |
| Index Return: | (ending level – starting level) / starting level |
| Calculation Day\*: | October 26, 2026 |
| Calculation<br> Agent: | RBC Capital Markets, LLC ("RBCCM"), an affiliate of the issuer |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent<br> Discount\*\*: | Up to 3.325%; dealers, including those using the trade name Wells Fargo Advisors ("<u>WFA</u>"), may receive a selling concession of up to 2.25% and WFA may receive a distribution expense fee of 0.075% |
| CUSIP: | 78016HWJ5<br>|
| Material Tax<br> Consequences: | See the preliminary pricing supplement. |

---

\*subject to change

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

Hypothetical Payout Profile\*\*\*

![](image00003.jpg)

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

**If the ending level is less than the starting level, you will not receive any positive return on the notes at maturity.**<br>The issuer's initial estimated value of the notes as of the pricing date is expected to be between $902.00 to $952.00 per $1,000 in principal amount, which is less than the public offering price. The final pricing supplement relating to the notes will set forth the issuer's estimate of the initial value of the notes as of the pricing date. The market value of the notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. See "Estimated Value of the Notes" in the accompanying preliminary pricing supplement for further information.

Preliminary Pricing Supplement: [https://www.sec.gov/Archives/edgar/data/1000275/000114036123014862/brhc10050687_fwp.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036123014862/brhc10050687_fwp.htm)

------

**The notes have complex features and investing in the notes involves risks not associated with an investment in conventional debt securities. See "Selected Risk Considerations" in this term sheet and the accompanying preliminary pricing supplement and "Risk Factors" in the accompanying product supplement.**

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

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

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

#### <br>

------

Selected Risk Considerations

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

<u>Risks Relating To The Terms And Structure Of The Notes</u>

<br> • You May Not Receive Any Positive Return On Your Investment In The Notes.

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

<br> • Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Index.

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

<br> • The Notes Are Considered To Be Issued With Original Issue Discount And Investors May Have Taxable Income Prior To The Receipt Of The Related Cash.

<u>Risks Relating To The Estimated Value Of The Notes And Any Secondary Market</u>

<br> • Our Initial Estimated Value Of The Notes Will Be Less Than The Original Offering Price.

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

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

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

<u>Risks Relating To The Index</u>

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

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

<br> • An Investment In The Notes Is Subject To Risks Relating To Non-U.S. Companies.

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

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

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

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

------