<SEC-DOCUMENT>0000950103-25-003589.txt : 20250319
<SEC-HEADER>0000950103-25-003589.hdr.sgml : 20250319
<ACCEPTANCE-DATETIME>20250319060019
ACCESSION NUMBER: 0000950103-25-003589
CONFORMED SUBMISSION TYPE: 424B2
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20250319
DATE AS OF CHANGE: 20250319
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ROYAL BANK OF CANADA
CENTRAL INDEX KEY: 0001000275
STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029]
ORGANIZATION NAME: 02 Finance
IRS NUMBER: 135357855
STATE OF INCORPORATION: A6
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 424B2
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-275898
FILM NUMBER: 25750708
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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp226471_424b2-us2373sx5e.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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<TD STYLE="padding: 4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white">Registration
Statement No. 333-275898</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: white">Filed Pursuant to Rule 424(b)(2)</P></TD></TR>
<TR STYLE="background-color: rgb(74,108,149); vertical-align: top">
<TD COLSPAN="3" STYLE="padding: 4pt 4pt 4pt 15pt"><P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: white">The information in this preliminary pricing supplement
is not complete and may be changed.</P>
<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: white"></P></TD></TR>
<TR STYLE="background-color: rgb(183,195,217); vertical-align: top">
<TD STYLE="padding: 4pt"> </TD>
<TD STYLE="padding: 4pt; font-size: 12pt; text-align: justify"> </TD>
<TD STYLE="padding: 4pt"> </TD></TR>
<TR STYLE="background-color: rgb(183,195,217); vertical-align: top">
<TD STYLE="padding: 4pt; width: 48%">
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D">Preliminary Pricing Supplement</P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red">Subject to Completion: Dated March 18, 2025</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D">Pricing Supplement dated March __, 2025 to the Prospectus
dated December 20, 2023, the Prospectus Supplement dated December 20, 2023, the Underlying Supplement No. 1A dated May 16, 2024 and the
Product Supplement No. 1A dated May 16, 2024</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD>
<TD STYLE="padding: 4pt; width: 4%; font-size: 12pt; text-align: justify"> </TD>
<TD STYLE="background-color: rgb(226,231,240); padding: 4pt; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D">$<BR>
Enhanced Return Notes<BR>
Linked to the EURO STOXX 50<SUP>®</SUP> Index,<BR>
Due March 28, 2030</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D">Royal Bank of Canada</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"> </P></TD></TR>
<TR STYLE="background-color: rgb(183,195,217); vertical-align: top">
<TD STYLE="padding: 4pt"> </TD>
<TD STYLE="padding: 4pt; font-size: 12pt; text-align: justify"> </TD>
<TD STYLE="padding: 4pt"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Royal Bank of Canada is offering Enhanced Return
Notes (the “Notes”) linked to the performance of the EURO STOXX 50<SUP>®</SUP> Index (the “Underlier”).</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Enhanced Return Potential</B> — If the
Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors will receive a return equal to 138.75% of the
Underlier Return.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Return of Principal at Maturity</B> —
If the Final Underlier Value is less than or equal to the Initial Underlier Value, at maturity, investors will receive only the principal
amount of their Notes, with no additional return.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Notes do not pay interest.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any payments on the Notes are subject to our credit
risk.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Notes will not be listed on any securities
exchange.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>CUSIP:</B> 78017KC75</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>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”
in the accompanying prospectus, prospectus supplement and product supplement.</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">None of the Securities and Exchange Commission
(the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed
upon the adequacy or accuracy of this pricing supplement. Any representation to the contrary is a criminal offense. 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. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common
shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 58%; font-size: 12pt"> </TD>
<TD STYLE="width: 20%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Per Note</P></TD>
<TD STYLE="width: 2%"> </TD>
<TD STYLE="width: 20%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price to public<SUP>(1)</SUP></FONT></TD>
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.00%</FONT></TD>
<TD> </TD>
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwriting discounts and commissions<SUP>(1)</SUP></FONT></TD>
<TD>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">0.75%</P></TD>
<TD> </TD>
<TD>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">$</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds to Royal Bank of Canada</FONT></TD>
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99.25%</FONT></TD>
<TD> </TD>
<TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(1)</SUP> We or one of our affiliates may
pay varying selling concessions of up to $7.50 per $1,000 principal amount of Notes in connection with the distribution of the Notes to
other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo 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 $992.50 and $1,000.00 per $1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer
that is not affiliated with us a referral fee of up to $7.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution
(Conflicts of Interest)” below.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 $919.50 and $969.50 per $1,000
principal amount of Notes and will be less than the public offering price of the Notes. The final pricing supplement relating to the Notes
will set forth the initial estimated value. 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. We describe the determination of the initial estimated value in more detail below.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #17365D">RBC Capital Markets, LLC</P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>KEY TERMS</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>The information in this “Key Terms”
section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus
supplement, underlying supplement and product supplement.</I></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royal Bank of Canada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underwriter:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RBC Capital Markets, LLC (“RBCCM”)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Minimum Investment:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000 and minimum denominations of $1,000 in excess thereof</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underlier:</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The EURO STOXX 50<SUP>®</SUP> Index</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; width: 21%; border-right: Black 1pt solid"> </TD>
<TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 39%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: #849AA5; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Bloomberg Ticker</B></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #849AA5; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Initial Underlier Value<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-right: Black 1pt solid"> </TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SX5E</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP> The closing value of the Underlier on the Trade Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 24, 2025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issue Date:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 27, 2025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Valuation Date:*</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 25, 2030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maturity Date:*</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 28, 2030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Payment at Maturity:</B></FONT></TD>
<TD COLSPAN="2">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Investors will receive on the Maturity Date per
$1,000 principal amount of Notes:</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">· 	</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Final Underlier Value is <B><I>greater than</I></B> the Initial Underlier Value, an amount equal to:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,000 + ($1,000 × Underlier Return ×
Participation Rate) </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">· 	</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Final Underlier Value is <B><I>less than or equal to</I></B> the Initial Underlier Value: $1,000</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>All payments on the Notes are subject to our
credit risk.</I></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Participation Rate:</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underlier Return:</B></FONT></TD>
<TD COLSPAN="2">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Underlier Return, expressed as a percentage,
is calculated using the following formula:</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>Final Underlier Value – Initial Underlier
Value<BR>
</U>Initial Underlier Value </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Final Underlier Value:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The closing value of the Underlier on the Valuation Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Calculation Agent:</B></FONT></TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RBCCM</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Subject to postponement. See “General Terms of the Notes—Postponement
of a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product
supplement.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>ADDITIONAL TERMS OF YOUR NOTES</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You should read this pricing supplement together
with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior
Global Medium-Term Notes, Series J, of which the Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product
supplement no. 1A dated May 16, 2024. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes
all other 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, fact sheets, brochures or other educational materials
of ours.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have not authorized anyone to provide any information
or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed
below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is
lawful to do so. The information contained in each such document is current only as of its date.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the information in this pricing supplement differs
from the information contained in the documents listed below, you should rely on the information in this pricing supplement.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You should carefully consider, among other things,
the matters set forth in “Selected Risk Considerations” in this pricing supplement and “Risk Factors” in the documents
listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisers before you invest in the Notes.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You may access these documents on the SEC website
at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus dated December 20, 2023:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"><A HREF="https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm</A></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus Supplement dated December 20, 2023:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"><A HREF="https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm</A></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Underlying Supplement No. 1A dated May 16, 2024:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"><A HREF="https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm</A></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Product Supplement No. 1A dated May 16, 2024:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"><A HREF="https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm</A></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #0563C1"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our Central Index Key, or CIK, on the SEC website
is 1000275. As used in this pricing supplement, “Royal Bank of Canada,” the “Bank,” “we,” “our”
and “us” mean only Royal Bank of Canada.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<!-- Field: Page; Sequence: 3; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>HYPOTHETICAL RETURNS</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table and examples set forth below illustrate
hypothetical payments at maturity for hypothetical performance of the Underlier, based on the Participation Rate of 138.75%. The table
and examples are only for illustrative purposes and may not show the actual return applicable to investors.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: #849AA5">
<TD STYLE="width: 34%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Hypothetical Underlier Return</B></FONT></TD>
<TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Payment at Maturity per $1,000 Principal Amount of Notes</B></FONT></TD>
<TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Payment at Maturity as Percentage of Principal Amount</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,693.750</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169.3750%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,555.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">155.5000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,416.250</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141.6250%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,277.500</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127.7500%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,138.750</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113.8750%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,069.375</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106.9375%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,027.750</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102.7750%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-10.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-20.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-30.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-40.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-50.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-60.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-70.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-80.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-90.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-100.00%</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000.000</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0000%</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Example 1 — </B></FONT></TD>
<TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 2%.</B></FONT></TD></TR>
<TR>
<TD STYLE="padding-top: 2pt; vertical-align: top; width: 14%; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD STYLE="padding-top: 2pt; vertical-align: top; width: 26%; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlier Return:</FONT></TD>
<TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 60%; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment at Maturity:</FONT></TD>
<TD STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000 + ($1,000 × 2% × 138.75%) = $1,000 + $27.75 = $1,027.75</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD COLSPAN="2" STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In this example, the payment at maturity is $1,027.75
per $1,000 principal amount of Notes, for a return of 2.775%.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Because the Final Underlier Value is greater than
the Initial Underlier Value, investors receive a return equal to 138.75% of the Underlier Return.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD COLSPAN="2" STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Example 2 — </B></FONT></TD>
<TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 10% (i.e., the Final Underlier Value is below the Initial Underlier Value).</B></FONT></TD></TR>
<TR>
<TD STYLE="padding-top: 2pt; vertical-align: top; width: 14%; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD STYLE="padding-top: 2pt; vertical-align: top; width: 26%; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlier Return:</FONT></TD>
<TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 60%; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment at Maturity:</FONT></TD>
<TD STYLE="padding-top: 2pt; text-align: justify; padding-right: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt"> </TD>
<TD COLSPAN="2" STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt">In this example, the payment at maturity is $1,000
per $1,000 principal amount of Notes, for a return of 0%.</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 4; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 14%"> </TD>
<TD STYLE="width: 86%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Because the Final Underlier Value is
less than the Initial Underlier Value, investors receive only the principal amount of their Notes, with no additional return.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P></TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 5; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>SELECTED RISK CONSIDERATIONS</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 “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.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to the Terms and Structure of
the Notes</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You May Not Receive a Positive Return on the
Principal Amount at Maturity</B> — If the Final Underlier Value is less than the Initial Underlier Value, you will receive only
the principal amount of your Notes, with no additional return.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Notes Do Not Pay Interest, and Your Return
on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity</B> — 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 zero, 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.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Payments on the Notes Are Subject to Our Credit
Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes</B> — The Notes are our
senior unsecured debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability to pay our obligations
as they come due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Notes and you
could lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect
the market value of the Notes.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Any Payment on the Notes Will Be Determined
Based on the Closing Values of the Underlier on the Dates Specified</B> — Any payment on the Notes will be determined based on the
closing values of the Underlier on the dates specified. You will not benefit from any more favorable value of the Underlier determined
at any other time.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You May Be Required to Recognize Taxable Income
on the Notes Prior to Maturity</B> — If you are a U.S. investor in a Note, under the treatment of a Note as a contingent payment
debt instrument, you will generally be required to recognize taxable interest income in each year that you hold the Note. In addition,
any gain you recognize under the rules applicable to contingent payment debt instruments will generally be treated as ordinary interest
income rather than capital gain. You should review carefully the section entitled “United States Federal Income Tax Considerations”
herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product
supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to the Initial Estimated Value
of the Notes and the Secondary Market for the Notes</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>There May Not Be an Active Trading Market for
the Notes; Sales in the Secondary Market May Result in Significant Losses</B> — 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 and, if they choose to do so, may stop any market-making activities at any time. Because other dealers
are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on
the price, if any, at which RBCCM or any of our other affiliates is willing to buy the Notes. Even if a secondary market for the Notes
develops, it may not provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction costs in any
secondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be
substantial. If you sell your Notes before maturity, you may have to do so at a substantial discount from the price that you paid for
them, and as a result, you may suffer significant losses. The Notes are not designed to be short-term trading instruments. Accordingly,
you should be able and willing to hold your Notes to maturity.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<!-- Field: Page; Sequence: 6; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Initial Estimated Value of the Notes Will
Be Less Than the Public Offering Price</B> — The initial estimated value of the Notes will be less than the public offering price
of the Notes and does not represent a minimum price at which we, RBCCM or any of our other 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 value of
the Underlier, the internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds
by issuing conventional fixed rate debt) and the inclusion in the public offering price of the underwriting discount, the referral fee,
our estimated profit 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, the referral fee, our estimated profit or the
hedging costs relating to the Notes. In addition, any price at which you may sell the Notes is likely to reflect customary bid-ask spreads
for similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is expected to be
based on a secondary market rate rather than the internal funding rate used to price the Notes and determine the initial estimated value.
As a result, the secondary market price will be less than if the internal funding rate were used.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Initial Estimated Value of the Notes Is
Only an Estimate, Calculated as of the Trade Date</B> — 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 internal funding rate (which represents a discount
from 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.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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 the Notes.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to Conflicts of Interest and
Our Trading Activities</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Our and Our Affiliates’ Business and
Trading Activities May Create Conflicts of Interest</B> — You should make your own independent investigation of the merits of investing
in the Notes. Our and our affiliates’ economic interests are potentially adverse to your interests as an investor in the Notes due
to our and our affiliates’ business and trading activities, and we and our affiliates have no obligation to consider your interests
in taking any actions that might affect the value of the Notes. Trading by us and our affiliates may adversely affect the value of the
Underlier and the market value of the Notes. See “Risk Factors—Risks Relating to Conflicts of Interest” in the accompanying
product supplement.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RBCCM’s Role as Calculation Agent May
Create Conflicts of Interest</B> — As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underlier and make
any other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be
required to make discretionary judgments, including those described under “—Risks Relating to the Underlier” below.
In making these discretionary judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as
an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes. The Calculation Agent will have
no obligation to consider your interests as an investor in the Notes in making any determinations with respect to the Notes.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to the Underlier</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You Will Not Have Any Rights to the Securities
Included in the Underlier</B> — As an investor in the Notes, you will not have voting rights or rights to receive dividends or other
distributions or any other rights with respect to the securities included in the Underlier. The Underlier is a price return index and
its return does not reflect regular cash dividends paid by its components.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Notes Are Subject to Risks Relating to
Non-U.S. Securities Markets</B> — The equity securities composing the Underlier are issued by non-U.S. companies in non-U.S. securities
markets. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated with the securities
markets in the home countries of the issuers of those non-U.S. equity securities, including risks of volatility in those markets, governmental
intervention in those markets and cross shareholdings in companies in certain countries. Also, there is generally less publicly available
information about companies in some of these jurisdictions than there is about U.S. companies that are subject to the reporting requirements
of the SEC, and generally non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements and
securities trading rules different from those applicable to U.S. reporting companies. The prices of securities in non-U.S. markets may
be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government,
economic and fiscal policies and currency exchange laws.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Notes Do Not Provide Direct Exposure to
Fluctuations in Exchange Rates between the U.S. Dollar and the Euro </B>— The Underlier is composed of non-U.S. securities denominated
in euros. Because the value of the Underlier is also calculated in euros (and not in U.S. dollars), the performance of the Underlier will
not be adjusted for exchange rate fluctuations between the U.S. dollar and the euro. In addition, any payments on the Notes determined
based on the performance of the Underlier will not be adjusted for exchange rate fluctuations between the U.S. dollar and the euro. Therefore,
holders of the Notes will not benefit from any appreciation of the euro relative to the U.S. dollar.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>We May Accelerate the Notes If a Change-in-Law
Event Occurs</B> — Upon the occurrence of legal or regulatory changes that may, among other things, prohibit or otherwise materially
restrict persons from holding the Notes or the Underlier or its components, or engaging in transactions in them, the Calculation Agent
may determine that a change-in-law-event has occurred and accelerate the Maturity Date for a payment determined by the Calculation Agent
in its sole discretion. Any amount payable upon acceleration could be significantly less than any amount that would be due on the Notes
if they were not accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable
on, the Notes could be adversely affected, perhaps significantly, by the occurrence of such legal or regulatory changes. See “General
Terms of Notes—Change-in-Law Events” in the accompanying product supplement.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Any Payment on the Notes May Be Postponed and
Adversely Affected by the Occurrence of a Market Disruption Event</B> — The timing and amount of any payment on the Notes is subject
to adjustment upon the occurrence of a market disruption event affecting the Underlier. If a market disruption event persists for a sustained
period, the Calculation Agent may make a determination of the closing value of the Underlier. See “General Terms of the Notes—Indices—Market
Disruption Events,” “General Terms of the Notes—Postponement of a Determination Date” and “General Terms
of the Notes—Postponement of a Payment Date” in the accompanying product supplement.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">·</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjustments to the Underlier Could Adversely
Affect Any Payments on the Notes</B> — The sponsor of the Underlier may add, delete, substitute or adjust the securities composing
the Underlier or make other methodological changes to the Underlier that could affect its performance. The Calculation Agent will calculate
the value to be used as the closing value of the Underlier in the event of certain material changes in, or modifications to, the Underlier.
In addition, the sponsor of the Underlier may also discontinue or suspend calculation or publication of the Underlier at any time. Under
these circumstances, the Calculation Agent may select a successor index that the Calculation Agent determines to be comparable to the
Underlier or, if no successor index is available, the Calculation Agent will determine the value to be used as the closing value of the
Underlier. Any of these actions could adversely affect the value of the Underlier and, consequently, the value of the Notes. See “General
Terms of the Notes—Indices—Discontinuation of, or Adjustments to, an Index” in the accompanying product supplement.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"> </P>
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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>INFORMATION REGARDING THE UNDERLIER</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Underlier is a free float market capitalization-weighted
index composed of 50 of the largest stocks in terms of free float market capitalization traded on major Eurozone exchanges. For more information
about the Underlier, see “Indices—The STOXX Benchmark Indices” in the accompanying underlying supplement.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Information</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following graph sets forth historical closing
values of the Underlier for the period from January 1, 2015 to March 17, 2025. We obtained the information in the graph from Bloomberg
Financial Markets, without independent investigation. <B>We cannot give you assurance that the performance of the Underlier will result
in a positive return on your initial investment.</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>EURO STOXX 50<SUP>®</SUP> Index</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 336px; width: 528px"></FONT></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS.</I></B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<!-- Field: Page; Sequence: 9; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>UNITED STATES FEDERAL INCOME
TAX CONSIDERATIONS</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You should review carefully the section in the
accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when
read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material
U.S. federal income tax consequences of owning and disposing of the Notes.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Generally, this discussion assumes that you purchased
the Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including
consequences that may arise due to any other investments relating to the Underlier. You should consult your tax adviser regarding the
effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Note.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We intend to treat the Notes for U.S. federal income
tax purposes as contingent payment debt instruments, or “CPDIs,” as described in “United States Federal Income Tax Considerations—Tax
Consequences to U.S. Holders—Notes Treated as Debt Instruments—Notes Treated as Contingent Payment Debt Instruments”
in the accompanying product supplement. In the opinion of our counsel, which is based on current market conditions, this treatment of
the Notes is reasonable under current law. Assuming this treatment is respected, regardless of your method of accounting for U.S. federal
income tax purposes, you generally will be required to accrue interest income in each year on a constant yield to maturity basis at the
“comparable yield,” as determined by us, adjusted upward or downward to reflect the difference, if any, between the actual
and projected payments on the Notes during the year. Upon a taxable disposition of a Note, you generally will recognize taxable income
or loss equal to the difference between the amount received and your tax basis in the Notes. You generally must treat any income realized
as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss, the deductibility
of which is subject to limitations.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">After the original issue date, you may obtain the
comparable yield and the projected payment schedule by requesting them from RBCCM at 1-877-688-2301.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Neither the comparable yield nor the projected
payment schedule constitutes a representation by us regarding the actual amount(s) that we will pay on the Notes.</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Non-U.S. Holders.</B> If you are a Non-U.S.
Holder, please also read the section entitled “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S.
Holders— Notes Treated as Debt Instruments” in the accompanying product supplement.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As discussed under “United States Federal
Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code”
in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section
871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to
certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by
an Internal Revenue Service (the “IRS”) notice, exempt financial instruments issued prior to January 1, 2027 that do not have
a “delta” of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Notes with
regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary,
further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the Notes.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We will not be required to pay any additional amounts
with respect to U.S. federal withholding taxes.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You should consult your tax adviser regarding the
U.S. federal income tax consequences of an investment in the Notes, as well as tax consequences arising under the laws of any state, local
or non-U.S. taxing jurisdiction.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<!-- Field: Page; Sequence: 10; Value: 2 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #17365D">P-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #17365D">RBC Capital Markets, LLC</FONT></TD></TR></TABLE></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; background-color: #003260"><TD STYLE="width: 60%"> </TD><TD STYLE="width: 40%"> </TD></TR><TR STYLE="vertical-align: top; background-color: #B8C4D9"><TD STYLE="padding-top: 6pt; padding-bottom: 6pt"> </TD><TD STYLE="padding-top: 6pt; text-align: left; vertical-align: middle; padding-bottom: 6pt"> <P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D">Enhanced Return Notes Linked to the EURO STOXX 50<SUP>®</SUP> Index</P><P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif; color: #17365D"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #17365D"></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>SUPPLEMENTAL PLAN OF DISTRIBUTION
(CONFLICTS OF INTEREST)</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes are offered initially to investors at
a purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this pricing supplement. We or
one of our affiliates may pay the underwriting discount and may pay a broker-dealer that is not affiliated with us a referral fee, in
each case as set forth on the cover page of this pricing supplement.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 on 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 twelve months after the Issue Date, 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, the referral fee 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 the underwriting discount, the referral fee 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.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">RBCCM or another of its affiliates or agents 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. <B><I>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.</I></B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For additional information about the settlement
cycle of the Notes, see “Plan of Distribution” in the accompanying prospectus. For additional information as to the relationship
between us and RBCCM, see the section “Plan of Distribution—Conflicts of Interest” in the accompanying prospectus.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"><B>STRUCTURING THE NOTES</B></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #17365D"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes are our debt securities. 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.
In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow
the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt
security of comparable maturity. The lower internal funding rate, the underwriting discount, the referral fee and the hedging-related
costs relating to the Notes reduce the economic terms of the Notes to you and result in the initial estimated value for the Notes being
less than their public offering price. Unlike the initial estimated value, any value of the Notes determined for purposes of a secondary
market transaction may be based on a secondary market rate, which may result in a lower value for the Notes than if our initial internal
funding rate were used.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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)
with RBCCM and/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, volatility and the tenor of the Notes. The economic terms of the Notes and the initial
estimated value depend in part on the terms of these hedging arrangements.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">See “Selected Risk Considerations—Risks
Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes—The Initial Estimated Value of the Notes
Will Be Less Than the Public Offering Price” above.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P>
<!-- Field: Page; Sequence: 11; Options: Last -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>