PRODUCT CHARACTERISTICS

Enhanced Return Potential — If the Final Underlier Value of the Least Performing Underlier is greater than its Initial Underlier Value, at maturity, the investor will receive a return equal to at least 104% of the Underlier Return of the Least Performing Underlier (to be determined on the Trade Date).

Absolute Value Return — If the Final Underlier Value of the Least Performing Underlier is less than or equal to its Initial Underlier Value, but is greater than or equal to its Buffer Value, at maturity, the investor will receive a one-for-one positive return equal to the absolute value of the Underlier Return.

Principal at Risk — If the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, at maturity, the investor will lose 1% of the principal amount of the Notes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value in excess of the Buffer Percentage.

KEY TERMS

Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78017GBP5
Underliers:	The Dow Jones Industrial Average^® (Bloomberg symbol “INDU”) and the S&P 500^® Index (Bloomberg symbol “SPX”)
Trade Date:	July 31, 2024
Issue Date:	August 5, 2024
Valuation Date:	July 31, 2026
Maturity Date:	August 5, 2026
Payment at Maturity:	The investor will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Underlier Value of the Least Performing Underlier is *greater than* its Initial Underlier Value, an amount equal to: $1,000 + ($1,000 × Underlier Return of the Least Performing Underlier × Participation Rate) · If the Final Underlier Value of the Least Performing Underlier is *less than or equal to* its Initial Underlier Value, but is *greater than or equal to* its Buffer Value, an amount equal to: $1,000 + (-1 × $1,000 × Underlier Return of the Least Performing Underlier) In this case, you will receive a positive return on the Notes equal to the absolute value of the Underlier Return, even though the Underlier Return is negative. In no event will this return exceed 15%. · If the Final Underlier Value of the Least Performing Underlier is *less than* its Buffer Value, an amount equal to: $1,000 + [$1,000 × (Underlier Return of the Least Performing Underlier + Buffer Percentage)] If the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, you will lose some or a substantial portion of your principal amount at maturity.
Participation Rate:	At least 104%, to be determined on the Trade Date
Buffer Percentage:	15%
Buffer Value:	With respect to each Underlier, 85% of its Initial Underlier Value

KEY TERMS (continued)

Underlier Return:	With respect to each Underlier: Final Underlier Value – Initial Underlier Value Initial Underlier Value
Initial Underlier Value:	With respect to each Underlier, the closing value of that Underlier on the Trade Date
Final Underlier Value:	With respect to each Underlier, the closing value of that Underlier on the Valuation Date
Least Performing Underlier:	The Underlier with the lowest Underlier Return

PAYOFF DIAGRAM

This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:

https://www.sec.gov/Archives/edgar/data/1000275/000095010324009170/
dp213702_424b2-us1253mul.htm

The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $936.50 and $986.50 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.

Royal Bank of Canada has filed a registration statement (including a product supplement, underlying supplement, prospectus supplement and 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 for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.