百分比变化
从起始值

到终止值® 假想的®)

赎回金额® 每单位®假设的总比率
债券的回报
  
这
  

假设百分比变化对应于阈值。
  
假设的单位赎回金额不能超过假设的上限价值。
  

加拿大皇家银行已就与本文相关的此次发行向美国证券交易委员会提交了注册说明书(包括产品增刊、招股说明书增刊和招股说明书)。在您投资之前，您应该阅读这些文档以及我们提交给美国证券交易委员会的其他文档，以获取有关我们和此次发行的更完整信息。你可以通过访问美国证券交易委员会网站上的埃德加免费获得这些文件
  
Www.sec.gov。或者，如果您提出要求，加拿大皇家银行、任何代理商或参与此次发售的任何经销商将安排通过拨打MLPF&S免费电话1-800-294-1322向您发送这些文件。
  

Market Measure
  
The S&P 500® Index (Bloomberg symbol: SPX)
  

Payout Profile at
Maturity
  
•         2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value
•         1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of your principal at risk
  

Capped Value
  
[$11.80 to $12.20] per unit, a [18.00% to 22.00%] return over the principal amount, to be determined on the pricing date.
  

Threshold Value
  
90% of the Starting Value of the Market Measure
  

Investment
Considerations
  
This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments.
  

Preliminary
Offering
Documents
   https://www.sec.gov/Archives/edgar/data/1000275/000114036122036357/brhc10042573_fwp.htm  

Exchange Listing
  
No
  
You should read the relevant Preliminary Offering Documents before you invest.
Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk Factors
Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:
•
Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.
•
Payments on the notes, including repayment of principal, are subject to the credit risk of RBC. If RBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.
•
Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.
•
The initial estimated value of the notes on the pricing date will be less than their public offering price.
•
If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.
•
You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.
•
RBC, MLPF&S, BofAS and their respective affiliates do not control any company included in the Market Measure, and have not verified any disclosure made by any other company.
Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.


The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)).  The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.
Hypothetical
Percentage Change
from the Starting Value
to the Ending Value
Hypothetical
Redemption Amount
per Unit
Hypothetical Total Rate of
Return on the Notes
-100.00%
$1.00
-90.00%
-50.00%
$6.00
-40.00%
-20.00%
$9.00
-10.00%
-10.00%(1)
$10.00
0.00%
-6.00%
$10.00
0.00%
-5.00%
$10.00
0.00%
-3.00%
$10.00
0.00%
  0.00%
$10.00
0.00%
2.00%
$10.40
4.00%
4.00%
$10.80
8.00%
5.00%
$11.00
10.00%
10.00%
$12.00(2)
20.00%
20.00%
$12.00
20.00%
30.00%
$12.00
20.00%
40.00%
$12.00
20.00%
50.00%
$12.00
20.00%
60.00%
$12.00
20.00%

(1)
This hypothetical percentage change corresponds to the Threshold Value.
(2)
The hypothetical Redemption Amount per unit cannot exceed the hypothetical Capped Value.

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