424B2 forme BANQUE ROYALE DU CANADA ® mutuelle entreprise

La responsabilité civile professionnel

Cette foi facultative, sauf pour plusieurs professions, se révèle dans les faits, indispensable à quasiment toutes entreprises. Elle couvre complets les corporels, matériels ou bien immatériels occasionnés à des troisième (clients et fournisseurs) en le chef d’entreprise, ses salariés, ses locaux ainsi qu’à ses instrument dans l’exercice de l’activité ou bien après la livraison de produits se révélant défaillants. Sont exclus créés par des articles ou une activité ne répondant pas aux normes ou bien aux impératifs de sécurité en vigueur.

Le montant de la prime dépend du chiffre d’affaires, du secteur la nature de l’activité de la société, selon risques encourus. En cas de dommage, la societé doit transmettre à son assureur la réclamation reçue de son client ainsi qu’à fournisseur, auquel il incombe d’apporter la indice du préjudice subi. La compagnie négocie or nom de la societé avec le plaignant pour trouver un terrain d’entente en cas de dommages légers. Dans le cas de sinistres lourds, des professionnels aguerris évalueront le montant des dommages.

A noter. Pour TPE, les assureurs proposent des montants de étrennes forfaitaires.

7. La responsabilité civile obligatoire à divers secteurs d’activité

Les entreprises du BTP ont l’obligation de souscrire une persuasion responsabilité décennale qui couvre constatés dans les dix ans suivant la livraison des travaux. Cette aisance s’applique lorsque les compromettent la solidité de l’ouvrage (infiltration d’eau dans la toiture, effondrement d’un balcon…) ou bien entraînent de graves gravité (mauvaise étanchéité…).

La suscription d’une foi responsabilité civile professionnel est, pendant ailleurs, obligatoire pour certaines habileté réglementées a l’intérieur du domaine de la santé (médecins, infirmiers…), du droit (avocats, notaires…) mais encore les agents immobiliers, agences de voyages, les experts-comptables… Elle couvre les dommages causés à des tiers dans le cadre de l’activité (erreurs de prescription, risques opératoires), les risques liés à la disparition de fonds transmis dans des particuliers et qui transitent parmi les (agents immobiliers, notaires…) ou bien des risques particuliers à certaines professions (détérioration de meubles pour les sociétés de déménagement et pourquoi pas accidents pour exploitants de remontées mécaniques).

Ces diverses dénouement d’assurance sont certes super utiles. “Mais il faut remettre la garantie à la bonne place dans le de maîtrise des risques de l’entreprise” estime Louis-Remy Pinault, conduire opération d’assurances, chez Générali. Une marque que la relation entre l’assureur, l’intermédiaire et l’assuré est plus globale.

Les commentaires sont émis par la Banque Royale du Canada (RBC). Il existe de grandes différences entre les billets de banque et les titres de créance ordinaires, notamment des risques de placement différents et certains risques.
coûts supplémentaires. Voir "Facteurs de risque" à la page TS-6 de cette page et INDICATEURS D'ACTIONS ARN-1 PS-6 sur la mise à jour du produit.

La valeur estimée initiale de la note est fixée à 9,7173 $ à compter du jour de la fixation du prix. par unité
qui est inférieur à l'offre publique ci-dessous.
Voir "Résumé" sur cette page, "Facteurs de risque" sur la page TS-6 de cette page et la page "Structure des notes" de ce terme sur la page supplémentaire
l'information. La valeur réelle de vos commentaires à tout moment reflètera de nombreux facteurs et ne peut être prédite avec précision.

Aucune des commissions des valeurs mobilières et des changes (SEC), des commissions des valeurs mobilières de l’État ou d’autres autorités de réglementation, n’a approuvé ou approuvé ces valeurs mobilières ni déterminé si le présent prospectus
défini ci-dessous) est vrai ou complet. Toute représentation au contraire est un crime.

Pour l'unité

Total

Prix ​​de l'offre publique

$

10h

15 325 760,00 $

Remises d'assurance

$

0,20

306 515,20 $

Revenu avant coût, RBC

$

9.80

15 019,24,80 $

Notes:

FDIC non sécurisé

N'est pas une garantie bancaire

Peut perdre de la valeur

BofA Merrill Lynch

2019 27 juin

Résumé

Notes de retour accéléré® Lié au panier international des indices boursiers, qui est en 2020 28 août («Notes») sont nos titres de créance de premier rang non garantis. Les billets ne sont pas garantis non plus
assurés par la Société d'assurance-dépôts du Canada ou par la Société américaine d'assurance-dépôts du gouvernement fédéral ou garantis par une garantie. Les billets seront égaux à toutes nos autres dettes non garanties et non subordonnées.
Tous les paiements liés aux billets, y compris le remboursement du capital, dépendront du risque de crédit de RBC. Les billets ne constituent pas une garantie nette (telle que définie dans l'annexe du prospectus).
Les notes vous donnent un effet de levier
limite supérieure, si la fin de l'instrument basé sur le marché, qui est l'indice du panier d'actions international ("panier") décrit ci-dessous, est supérieure à la valeur initiale. Si la valeur de clôture est inférieure à la valeur d'origine, vous perdrez tous
ou une partie du montant en principal de vos billets. Tout paiement d’obligations sera calculé sur la base de 10 USD par part et dépendra de la performance du panier, en fonction de notre risque de crédit. Voir "Termes des commentaires"
ci-dessous.

Le panier se compose de EURO STOXX 50® Index, FTSE® Indice 100, Indice Nikkei, Indice du marché suisse, Indice S & P / ASX 200 et Hang Seng®
Index (chaque "composant du panier"). EURO STOXX 50 le jour de la fixation des prix® L’indice a reçu un poids initial de 40,00%, chacun des indices FTSE® Pondération initiale de l'indice 100 et de l'indice Nikkei 20,00%
les indices de marché suisse et les indices S & P / ASX 200 ont reçu une pondération initiale de 7,50% et Hang Seng® L'indice a reçu un poids initial de 5,00%.

Les termes économiques des remarques (y compris la valeur limite) sont basés sur notre taux de financement interne, qui est le taux que nous devrions emprunter pour l’émission d’obligations liées au marché et
les conditions économiques de certains instruments de couverture connexes. Notre taux de financement interne est généralement inférieur à celui que nous paierions lorsque nous émettons des titres de créance conventionnels à taux fixe ou variable. Cette différence de taux de financement est de. T.
Les frais de souscription et de couverture, décrits ci-dessous, ont réduit les conditions économiques de vos commentaires et le coût estimatif initial des commentaires à la date d'établissement du prix. Ces facteurs rendent le prix que vous payez accessible au public
L’achat de billets est supérieur à la valeur estimée à l’origine des billets.

Sur la page de couverture de ce terme, nous fournissons la valeur estimée initiale des notes. Cette valeur initiale estimée était basée sur nos modèles de tarification et ceux de nos filiales.
tenir compte de notre taux de financement interne et des prix du marché liés aux opérations de couverture. Pour plus d'informations sur la valeur estimée initiale et la structure des notes, voir: Page "Structure de vos notes"
TS-28.

Conditions de commentaires

Emetteur:

Banque Royale du Canada (RBC)

Accueil

Montant:

10,00 $ par unité

Terme:

Environ 14 mois

Marché

Mesure:

Panier d’indices internationaux composé d’EURO STOXX 50® Index (symbole Bloomberg: SX5E), FTSE® Indice 100 (symbole Bloomberg:
UKX), Indice Nikkei (Symbole Bloomberg: NKY), Indice du marché suisse (Symbole Bloomberg: SMI), Indice S & P / ASX 200 (Symbole Bloomberg) : AS51) et Hang Seng® Index (symbole Bloomberg: HSI). Tout le monde
La composante panier est l'indice de rendement des prix.

Valeur de départ:

100.00

Valeur finale:

La moyenne des valeurs du panier chaque jour de calcul au cours de la période d’évaluation à terme. Les jours de comptage prévus sont reportés
En cas de perturbation des marchés, comme indiqué à la page "Index supplémentaires de propriété ARN-1" de la page PS-18.

Participation

Taux:

300%

Valeur limitée:

L'unité est de 11,936 $, ce qui représente un rendement de 19,36% sur le capital.

Terme

Évaluation

Période:

2020 19 août 2020 20 août 2020 21 août 2020 24 août Et 2020

Les taxes et

Frais:

La page interdite comprend un prix unitaire de 0,20 $ et une assurance connexe de 0,075 $ par unité, décrits à la section "Notes de structuration" à la page TS-28.

Calcul

Agent:

BofA Securities, Inc. (Bofas)

Détermination du montant du remboursement

À la date de rachat, vous recevrez un paiement en espèces par part, comme suit:

Les termes et les risques des commentaires sont présentés dans cette fiche de termes comme suit:

2019 28 mars Egalité de produit INDICES ARN-1:

Addendum au Prospectus H8 MTN, daté de 2018 7 septembre

2018 7 septembre Prospectus:

Suite à la réorganisation des activités de courtiers et d’agents de Bank of America, liens avec Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF & S)
Égalité de produit supplémentaire INDICES ARN-1 en tant que telles références sont liées aux services institutionnels MLPF & S doivent être lues comme des références à BofAS.

Ces documents (ainsi que le "Prospectus") ont été soumis dans le cadre de la demande d'enregistrement de la SEC, qui peut être consultée gratuitement sur le site Web de la SEC, comme indiqué ci-dessus, ou
obtenu auprès de MLPF et S ou de BofAS en composant le 1-800-294-1322. Avant d’investir, vous devriez lire le prospectus, y compris ce terme, pour en savoir plus sur nous et cette offre. Toutes déclarations verbales précédentes ou simultanées et autres
Les documents que vous avez éventuellement reçus sont remplacés par le prospectus de notes. Les termes commençant par une majuscule qui sont utilisés mais qui ne sont pas définis dans cette fiche de termes ont la signification donnée dans le supplément au produit "ACTIONS D’ACTIONS ARN-1". Sauf indication contraire ou non
sinon, toutes les références dans ce document à «nous», «notre», «notre» ou à des références similaires sont des RBC.

Investisseurs

Vous pouvez envisager d’investir dans des notes si:

Vous vous attendez à ce que la valeur du panier augmente en moyenne de la valeur initiale à la valeur finale.

Vous êtes disposé à risquer de perdre le capital et à le retourner si la valeur du panier passe de la valeur initiale à la valeur de clôture.

Vous acceptez que le retour sur vos notes sera limité.

Vous êtes prêt à renoncer aux intérêts payés sur les titres de créance ordinaires.

Vous êtes prêt à renoncer au dividende ou à d’autres avantages associés au stock composant composant panier.

Vous êtes prêt à accepter à l’avance un marché de vente limité ou inexistant et à comprendre que le prix du marché des billets, le cas échéant, sera influencé par divers facteurs, notamment notre solvabilité réelle et perçue.
notre niveau de financement interne et les frais pour les commentaires.

Vous êtes prêt à prendre le risque de crédit sous forme d’émission de billet pour tous les paiements en obligations, y compris le montant du rachat.

Les notes peuvent être des investissements inappropriés si:

Vous pensez que la valeur du panier passera de la valeur initiale à la valeur finale ou qu’elle n’augmentera pas au cours de la période de commentaire pour vous donner le rendement souhaité.

Vous recherchez le retour ou la préservation du capital de base.

Vous recherchez des rendements illimités pour votre investissement.

Vous recherchez des intérêts ou d’autres revenus courants de votre investissement.

Vous souhaitez recevoir des dividendes ou d'autres distributions pour les actions incluses dans les composants du panier.

Vous recherchez un investissement qui constituera un marché secondaire liquide.

Vous ne voulez pas ou ne pouvez pas prendre le risque de marché des billets de banque ou le risque de crédit en tant qu'émetteur d'obligations.

Avant d'investir dans les commentaires, nous vous encourageons à consulter vos conseillers en investissement, conseillers juridiques, fiscaux, comptables et autres.

Profil de paiement hypothétique et conditions de paiement

Notes de retour accéléré®

Ce graphique reflète le rendement des observations basé sur un taux de participation de 300% et un seuil de 11,936 dollars par unité. La ligne verte reflète le retour des commentaires et la ligne grise en pointillé
reflète le retour sur investissement direct en stocks compris dans les composants du panier, hors dividendes.

Ce tableau est pour illustration seulement.

Le tableau et les exemples suivants sont fournis uniquement à titre d’illustration. Ils sont raisonnables hypothétique valeurs et affichage hypothétique retourné avec des commentaires. Ils sont
illustre le calcul du montant du remboursement et du taux de rendement total, basé sur une valeur initiale de 100,00, un taux de participation de 300%, un seuil de 11,936 USD et une gamme de valeurs de clôture hypothétiques. Le montant réel reçu et le taux de rendement total en résultant dépendront de la valeur de fin de vie réelle et du fait que vous ayez ou non les billets jusqu'à leur échéance. Ces exemples ne tiennent pas compte des taxes
les conséquences d'investir dans les commentaires.

Récemment hypothétique valeurs historiques du panier, cf. la section "Panier" ci-dessous. Pour les derniers niveaux de composants du panier, voir Dans la section "Composants du panier"
ci-dessous. Chaque composant du panier est un indice de rendement, de sorte que la valeur finale n'inclut pas le produit du dividende versé pour un composant du panier que vous auriez sinon dû recevoir si
directement à ces stocks. De plus, tous les paiements d’obligations sont liés au risque de crédit de l’émetteur.

Pourcentage de changement de

Début de la valeur finale

Valeur

Montant de rachat par part

Taux de rendement total
Les notes

0.00

-100.00%

0,00 $

-100.00%

50.00

-50.00%

5,00 $

-50.00%

80.00

-20.00%

8,00 $

-20.00%

90.00

-10.00%

9,00 $

-10.00%

94.00

-6.00%

9,40 $

-6.00%

97.00

-3.00%

9,70 USD

-3.00%

100.00(1)

0,00%

10,00 $

0,00%

102.00

2,00%

10,60 $

6.00%

103.00

3,00%

10,90 $

9.00%

105.00

5,00%

11,50 $

15.00%

110.00

10,00%

11 936 $(2)

19,36%

120.00

20.00%

11 936 $

19,36%

130.00

30.00%

11 936 $

19,36%

140.00

40,00%

11 936 $

19,36%

150.00

50,00%

11 936 $

19,36%

160.00

60,00%

11 936 $

19,36%

(1)

La valeur initiale du jour d'établissement du prix a été fixée à 100,00.

(2)

Le montant de rachat par part ne peut dépasser le seuil.

Exemples de calcul du montant de rachat

Exemple 1

La valeur finale est 80,00 ou 80,00% de la valeur de départ:

Valeur de départ:

100.00

Valeur finale:

80.00

= 8,00 $ Montant de rachat par part

Exemple 2

La valeur finale est 103,00 ou 103,00% de la valeur de départ:

Valeur de départ:

100.00

Valeur finale:

103.00

= 10,90 $ Montant de rachat par part

Exemple 3

La valeur finale est 130,00 ou 130,00% de la valeur de départ:

Valeur de départ:

100.00

Valeur finale:

130.00

Toutefois, comme le montant de rachat des billets ne peut excéder une valeur limitée, le montant de rachat sera de 19,936 $ par part.

Facteurs De Risque

Il existe de grandes différences entre les billets de banque et les titres de créance ordinaires. Les investissements en billets de banque impliquent des risques élevés, notamment les suivants. Tu dois regarder attentivement
Pour plus de détails sur les risques associés aux commentaires, reportez-vous à la section "Facteurs de risque" de la page Supplément produit. 6, explication de la page S-1 de l'annexe du prospectus de MTN et de la page 1 du prospectus ci-dessus.
Nous vous encourageons également à consulter vos conseillers en investissement, conseils juridiques, fiscaux, comptables et autres avant d'investir dans vos commentaires.

En fonction de la performance du panier mesurée peu de temps avant la date limite, votre investissement peut entraîner des pertes. il n'y a pas de remboursement de capital garanti.

Votre profit sur les billets peut être inférieur à celui que vous pourriez gagner en ayant une dette régulière à taux fixe ou variable ayant une échéance similaire.

Le retour sur votre investissement est limité à un retour consistant en une valeur limite et pouvant être inférieur à un investissement comparable directement dans les composants du panier.

Le paiement des obligations dépend de notre risque de crédit et il est prévu que des changements réels ou perceptibles de notre solvabilité affecteront la valeur des obligations. Si nous devenons insolvables ou incapables de payer nos obligations, vous risquez de perdre
votre investissement entier.

La valeur estimée initiale des billets n’est qu’un calcul qui est déterminé à un moment donné par nos modèles de tarification, ainsi que ceux de notre société affiliée. Ces modèles de tarification prennent en compte certaines hypothèses et variables
y compris nos taux d’intérêt de crédit, notre taux de financement interne à la date de fixation du prix, les conditions de marché moyennes pour la couverture, les prévisions de taux d’intérêt et de volatilité, notre analyse de sensibilité des prix et leur échéance prévue. Ces
Les modèles de tarification reposent en partie sur certaines prédictions d'événements futurs qui pourraient s'avérer inappropriées.

Le prix que vous payez au public pour vos billets dépasse la valeur estimée à l’origine. Si vous essayez de vendre des billets jusqu'à leur échéance, leur valeur de marché peut être inférieure au prix que vous avez payé pour eux et inférieure au prix d'origine.
valeur attendue. En effet, entre autres choses, la valeur du panier, notre taux de financement interne et l'inclusion du prix de l'offre publique pour la prime d'assurance et les frais de couverture ont changé.
Voir «Notes de structuration» à la page TS-28 ci-dessous. Ces facteurs, ainsi que divers facteurs de crédit, de marché et économiques, devraient réduire le prix auquel vous pouvez vendre des billets.
sur tout marché secondaire et affectera la valeur des billets de manière complexe et imprévisible.

La valeur estimée initiale ne correspond pas au prix minimum ou maximum auquel nous, chez MLPF & S, BofAS ou l’un de nos partenaires, souhaitons acheter vos billets à tout moment sur le marché secondaire (le cas échéant). Valeur
Vos commentaires à tout moment après la publication peuvent varier en fonction de nombreux facteurs impossibles à prédire avec précision, notamment les performances du panier, notre solvabilité et les modifications de la conjoncture du marché.

On s'attend à ce que le marché commercial soit créé. Aucun de nous, MLPF & S ou BofAS, n’est obligé de fournir de billets ou de rachats. Il n'y a aucune garantie qu'un parti veuille acheter vos notes.
n'importe quel prix sur n'importe quel marché secondaire.

Nos activités, activités de couverture et de négociation, MLPF & S, BofAS et nos sociétés affiliées (y compris les sociétés de négociation comprises dans la composition du panier) et toutes activités de couverture et de négociation,
MLPF & S, BofAS ou nos sociétés affiliées affiliées participent aux comptes de nos clients, peuvent affecter la valeur marchande et le retour des billets et peuvent entraîner des conflits d'intérêts avec vous.

Les modifications du niveau d'un composant du panier peuvent être compensées par des modifications du niveau des autres composants du panier. En raison des poids différents des composants d’origine, certaines modifications du niveau des composants du panier auront plus de conséquences.
impact significatif sur la valeur du panier par rapport aux variations similaires des niveaux des autres composants du panier.

Les sponsors d'indice peuvent ajuster chaque composant du panier d'une manière qui affecte son niveau, et les sponsors d'indice ne doivent pas nécessairement prendre en compte vos intérêts.

Vous ne disposerez pas des droits du détenteur des titres représentés par les composants du panier et vous ne serez pas autorisé à recevoir de titres, de dividendes ou d’autres émetteurs de ces titres.

Même si nous, MLPF & S, BofAS ou nos sociétés affiliées respectives pouvons parfois avoir leurs propres titres de sociétés incluses dans les éléments du panier, nous, MLPF & S, BofAS et nos sociétés affiliées ne contrôlons aucune des sociétés incluses dans
composants du panier et n’a pas confirmé les informations fournies par une autre société.

Votre rendement sur les obligations et leur valeur peut être affecté par les fluctuations des devises et par des facteurs affectant les marchés internationaux des valeurs mobilières, notamment les modifications dans les pays comportant des éléments du panier. Dans
En outre, vous ne pourrez tirer aucun avantage de la valeur accrue des devises négociées lors de la négociation des composants du panier en dollars US que vous devriez recevoir si vous aviez les actifs.
Titres représentés dans les composants du panier, bien que le niveau des composants de votre panier puisse être affecté de manière défavorable par les modifications du marché des taux de change dans son ensemble.

Il peut y avoir des conflits d’intérêts avec l’agent informatique, c’est-à-dire BofAS. Nous avons le droit de nommer et de révoquer un agent de calcul.

Les conséquences de l’impôt fédéral américain sur les sociétés ne sont pas claires et peuvent être préjudiciables au détenteur du billet. Voir Le texte qui suit résume les "Sommaire de revenu des recettes fédérales américaines" et "Résumé de la fiscalité des recettes fédérales américaines à partir de la page
Réapprovisionnement du produit PS-30 SHARE INDEX ARN-1. Pour en savoir plus sur les conséquences de l’impôt fédéral sur le revenu du Canada pour investir dans les commentaires, voir: «Conséquences fiscalesLangue canadienne
Impôts en 2018 7 septembre Prospectus

Autres termes de commentaires

Journée de marché

La définition suivante remplace et remplace la définition de "journée de travail sur un instrument reposant sur le marché" dans le supplément au produit "ACTIONS D'ACTIONS ARN-1".

«Jour de marché», un jour où:

(A)

chacun d’Eurex (EURO STOXX 50)® Index), Bourse de Londres (comme le FTSE)® Indice 100), Bourse de Tokyo (en tant qu'indice Nikkei Stock Exchange), SIX Swiss Stock Exchange t
The Swiss Market Index), la bourse australienne (indice S & P / ASX 200) et la bourse de Hong Kong (Hang Seng).® L’indice) (ou l’un des soumissionnaires susmentionnés) est ouvert à la négociation; et

(B)

les composants du panier ou leurs successeurs sont calculés et publiés.

Panier

Le panier est conçu pour permettre aux investisseurs de participer à la variation en pourcentage de la valeur de base à la valeur finale du panier. Les composants du chariot sont décrits
dans la section "Composants du panier". Un poids initial est attribué à chaque composant du panier à la date d'établissement du prix, comme indiqué dans le tableau ci-dessous.

Pour plus d'informations sur le calcul de la valeur du panier, voir La description de "ARNS – Basket Market Tools", commençant par l’ajout du produit PS-20 EQUITY INDICES ARN-1.

Pour chaque composant du panier, poids initial du composant, niveau de fermeture, rapport du composant et frais initiaux, la valeur du panier était la suivante:

Composant de panier

Bloomberg

Le symbole

Initiale

Composant

Poids

Niveau de fermeture(1)

Hypothétique

Composant

Ratio(1)

Panier de départ

Valeur

Contribution

EURO STOXX 50® Index

SX5E

40,00%

3 442,38

0.01161987

40,00

FTSE® 100 index

UKX

20.00%

7 402,33

0.00270185

20h00

Indice boursier Nikkei

NKY

20.00%

21.338.17

0.00093729

20h00

Indice du marché suisse

SMI

7,50%

9 859,76

0.00076067

7,50

Indice S & P / ASX 200

AS51

7,50%

6 666 313

0.00112506

7,50

Hang Seng Index

HSI

5,00%

28.621.42

0.00017469

5.00

Valeur initiale

100.00

(1)

Il s’agissait du niveau de clôture des composants du panier de prix le jour de la détermination du prix.

(2)

Chaque rapport de composant est égal au poids de composant d'origine du composant de panier respectif (en pourcentage) multiplié par 100, puis divisé par la date de tarification au niveau de fermeture du composant du panier et arrondi à huit.
décimales.

L'agent chargé du calcul calcule la valeur finale du panier en additionnant les produits de niveau de fermeture pour chaque composant du panier chaque jour de calcul, en calculant le terme et le composant.
Le ratio est appliqué à ces composants du panier. Si une défaillance du marché survient en tant que composant du panier à une date de calcul programmée, le niveau de clôture de ce composant du panier sera déterminé comme décrit plus en détail à la section
«Caractérisation des ARN – Outils du marché du panier – Valeur finale du panier», à partir de la page EQUITY INDICES ARN -1 PS-21 du produit.

Bien que l’information réelle sur le panier historique n’existe pas avant la date de tarification, le graphique ci-dessous présente le rendement historique hypothétique du panier.
depuis 2008 1er janvier Le graphique est basé sur les niveaux réels des composants du panier quotidien, les indicateurs de composants hypothétiques basés sur les données de 2007. 31 décembre
et la valeur du panier de ce jour est 100,00. Ces données historiques hypothétiques sur le panier n'indiquent pas nécessairement le rendement futur du panier ni la valeur des billets. Toute hypothétique historique à la hausse ou à la baisse
La tendance à la baisse de la valeur du panier au cours des périodes suivantes n’indique pas que la valeur du panier est plus ou moins susceptible d’augmenter ou de diminuer à tout moment.

Opération historique hypothétique du panier

Composants du panier

Toutes les données sur les composants du panier contenus dans cette feuille de conditions, y compris, sans limitation, leur composition, leur méthode de calcul et les modifications apportées à leurs composants, ont été obtenues de sources accessibles au public. Le
les informations reflètent la politique de STOXX Limited (STOXX) et peuvent changer EURO STOXX 50® Index ("SX5E"), FTSE International Limited ("FTSE") pour FTSE® 100 index
(UKX), Nikkei Inc. (Nikkei) pour le Nikkei Stock Index (NKY), Genève, Zurich, SIX Group Ltd., certaines de ses filiales et son comité de direction. SIX Swiss Exchange (SIX Exchange), avec
Indice suisse du marché (SMI), indices S & P Dow Jones LLC (S & P), unité mondiale S & P liée à S & P / ASX 200 (AS51) et HSI Services Limited (HSIL) Hang Seng®
Index (HSI) (STOXX, FTSE, Nikkei, S & P, Six Exchange et HSIL ensemble, «Index Sponsors»). Les sponsors de l’indice ne sont pas tenus d’afficher d’autres publications et peuvent à tout moment résilier ou suspendre toute composante du panier.
le temps. Les conséquences pour tout sponsor d'indice qui a interrompu la publication de la composante "panier" sont traitées dans la section "Description du SRNA – Suppression de l'indice" du produit Equities INDICES ARN-1. Aucun de nous
L'agent de comptage MLPF & S ou BofAS assume la responsabilité du calcul, de la maintenance ou de la publication de tout composant du panier ou de tout indice ultérieur.

EURO STOXX 50® Index

SX5E a développé STOXX, qui appartient actuellement à Deutsche Börse AG. L’annonce de SX5E a commencé en 1998. Février, après 1991 31 décembre

Composition et soin

Le SX5E est un leader sur le marché des 50 composants à partir de 19 EURO STOXX® Indices supersectoriels reflétant la partie de STOXX Europe 600 de la zone euro®
Indices supersectoriels.

La composition du SX5E est revue chaque année sur la base des données relatives aux jours de bourse de fin août. Les stocks de composants sont annoncés le premier jour de bourse en septembre. Changements de composants
Les actions sont mises en service le troisième vendredi de septembre et entrent en vigueur le prochain jour de bourse. Des modifications ont été apportées à la composition du SX5E afin que ce dernier devienne le leader du marché sur le marché depuis le SX5E.

Les coefficients de flottant pour chaque composant utilisé pour calculer SX5E, comme décrit ci-dessous, sont examinés, calculés et mis en œuvre tous les trimestres, puis revus avant la prochaine révision trimestrielle.

SX5E est également à l’étude. Les actions de la Société (y compris les offres publiques initiales, les fusions et acquisitions, les séparations, les procédures de radiation et de faillite) qui affectent la composition du SX5E sont immédiatement
voir. Tous les changements sont annoncés, mis en œuvre et efficaces en ce qui concerne le type d’action entreprise et l’ampleur de l’impact.

Calcul de SX5E

Le SX5E est calculé selon la formule de Laspeyres, qui mesure les variations totales du prix des actions par composant sur la base d’un poids de base fixe. La formule de calcul de la valeur de SX5E peut être
exprimé comme suit:

Index =

Capitalisation boursière libre de l'indice

x 1.000

Capitalisation boursière ajustée

La capitalisation boursière libre du SX5E est égale à la somme du prix final, de la capitalisation boursière et du coefficient de flottant pour chaque réserve de composant à partir du moment où le SX5E est écoulé.
calculé.

Le SX5E applique également un séparateur qui est ajusté pour maintenir la continuité des valeurs SX5E dans toutes les modifications liées aux opérations sur titres, telles que la suppression et le réapprovisionnement des stocks, le remplacement des stocks, le dividende et les stocks.
se divise.

Le graphique ci-dessous présente l'historique quotidien de SX5E depuis 2008. 1er janvier Jusqu'en 2019 27 juin
L.P. Nous n'avons pas indépendamment vérifié l'exactitude ou l'exhaustivité des informations reçues par Bloomberg L.P. Le jour de la détermination du prix, le taux de clôture pour SX5E était de 3 442,38.

La performance historique de EURO STOXX 50® Index

Ces données historiques sur SX5E n'indique pas nécessairement le fonctionnement futur de SX5E ni la valeur des notes. Tout historique en hausse ou en baisse
La tendance à la baisse du niveau SX5E au cours des périodes susmentionnées n’indique pas que le niveau SX5E est plus ou moins susceptible d’augmenter ou de diminuer à tout moment.

Avant d'investir dans les commentaires, vous devez vous familiariser avec les sources accessibles au public sur les niveaux SX5E.

Contrat de licence

Nous avons conclu un contrat de licence non exclusive avec STOXX, qui comprend une licence pour nous et certaines de nos sociétés affiliées ou filiales pour le droit d’utiliser des index et
a émis STOXX (y compris SX5E) pour certains titres, y compris les billets proposés.

Notre contrat de licence avec STOXX exige que ce document comprenne les langues suivantes:

STOXX n’a avec nous aucune relation, à l’exception de la licence SX5E et des marques commerciales associées, à utiliser avec les commentaires. STOXX:

Soutenir, valider, vendre ou promouvoir les commentaires;

recommande à toute personne d'investir dans des billets de banque ou d'autres titres offerts;

est responsable du temps, du montant ou du prix des billets ou prend de telles décisions;

responsable de l'administration, de la gestion ou de la commercialisation des billets de banque; ou

lors de la définition, de la compilation ou du calcul de SX5E, tenez compte des besoins des détenteurs de billets de banque ou de billets de banque, ou devez le faire.

STOXX n'assume aucune responsabilité pour aucun commentaire. Plus précisément:

STOXX n'offre aucune garantie expresse ou implicite et renonce à toute garantie pour:

les résultats à obtenir par les billets, les détenteurs de billets ou toute autre personne impliquée dans l'utilisation de SX5E et les données incluses dans SX5E;

Exactitude ou exhaustivité de SX5E et de ses données;

L'adéquation du SX5E et de ses données à des fins de marketing et d'adéquation à un usage particulier;

STOXX n'est pas responsable des erreurs, omissions ou interruptions dans SX5E ou dans ses données. et

En aucun cas, STOXX ne sera responsable de la perte de profit ou des dommages indirects, pénaux, spéciaux ou indirects, même si STOXX est au courant du fait que cela peut se produire.

Notre contrat de licence avec STOXX ne vise que leurs avantages, et non les détenteurs de billets de banque ou d’autres tiers.

FTSE® 100 index

FTSE® L’indice 100 (UKX) est égal à 100 U.K. indice pondéré de la capitalisation boursière des sociétés de premier ordre cotées à la bourse de Londres. UKX a été créé avec un
1983 30 décembre Il est calculé, publié et distribué par FTSE International Limited (ci-après dénommée FTSE), société incorporée à la Bourse de Londres (ci-après dénommée la Bourse). Vous pouvez obtenir des informations supplémentaires sur UKX auprès de
sur www.ftse.com/fr. Mes neįtraukiame nuorodos į svetainę ar bet kokią medžiagą, kurią ji įtraukė į šį dokumentą. FTSE neprivalo toliau skelbti UKX ir bet kuriuo metu gali nutraukti UKX skelbimą
        laikas.

Indekso sudėties ir atrankos kriterijai

UKX susideda iš 100 didžiausių JAV išvardytų „blue chip“ bendrovių, kurios remiasi visišku rinkos kapitalizavimu ir kurios atlieka kainų ir likvidumo patikros testus. UKX peržiūrima kas ketvirtį, birželį, birželio mėn.
        Rugsėjo ir gruodžio mėn., Remiantis duomenimis iš verslo pabaigos antradienį iki pirmojo peržiūros mėnesio penktadienio. FTSE Europos, Artimųjų Rytų ir Afrikos regioninis patariamasis komitetas (toliau – komitetas) susitinka kas ketvirtį, kad patvirtintų
        indekso sudedamąsias dalis. Šie susitikimai vyksta trečiadienį iki pirmojo penktadienio kovo, birželio, rugsėjo ir gruodžio mėnesiais. Bet kokie sudedamieji pakeitimai įgyvendinami pasibaigus trečiajam peržiūros mėnesio penktadieniui (t.y.,
        įsigaliojo pirmadienį), pasibaigus „London International Financial Futures and Options“ biržos ateities ir pasirinkimo sandorių sutartims.

Tinkamumo standartai

Only “premium listed” equity shares, as defined by the Financial Conduct Authority in its Listing Rules Sourcebook, are eligible for inclusion in the UKX. Eligible stocks must pass price and liquidity screens before
        being included in the index. Additionally, a stock must have a free float (as described below) of greater than 5%.

Price Screen — With regard to the price screen, the Committee must be satisfied that an accurate and reliable price exists for purposes of determining the market value of a
        company. To be eligible for inclusion in the UKX, a stock must have a full listing on the London Stock Exchange with a Sterling-denominated price on SETS (SETS is the London Stock Exchange’s trading service for UK blue chip securities).

Liquidity Screen — With regard to liquidity, each eligible stock is tested for liquidity annually in June by calculating its median daily trading per month. When calculating the
        median of daily trades per month of any security, a minimum of five trading days in each month must exist, otherwise the month is excluded from the test. Liquidity is tested from the first business day in May of the previous year to the last
        business day of April. The median trade is calculated by ranking each daily trade total and selecting the middle-ranking day. Any period of suspension is not included in the test. The liquidity test is applied on a pro-rata basis where the testing
        period is less than 12 months. A stock not presently included in the UKX that does not turnover at least 0.025% of its shares in issue (after application of any investability weightings) based on its median daily trade per month in at least ten of
        the 12 months prior to the annual index review in June will not be eligible for inclusion until the next annual review. An existing constituent failing to trade at least 0.015% of its shares in issue (after the application of any investability
        weightings) based on its median daily trade per month for at least eight of the 12 months prior to the annual index review will be removed from the UKX and will not be eligible for inclusion until the next annual review. New issues will become
        eligible for inclusion in the index at the quarterly review following their issuance provided that they have a minimum trading record of at least 20 trading days prior to the review date and that they have turned over at least 0.025% of their
        shares in issue (after the application of any investability weightings) based on their median daily trade per month since listing.

In addition, in order to be included in the UKX, a company is required to have greater than 5% of its voting rights (aggregated across all of its equity securities, including, where identifiable, those that are not
        listed or trading) in the hands of unrestricted shareholders. Current constituents of this index that who do not meet this requirement will have until the September 2022 review to meet the requirement; otherwise they will be removed from the UKX.

Market Capitalization Ranking — Eligible stocks that pass the price and liquidity screens are ranked by the Committee according to their market capitalization before the application of any adjustments based on the extent
        to which the shares are publicly traded. Only the quoted equity capital of a constituent company will be included in the calculation of its market capitalization. Where a company has two or more classes of equity, secondary lines will be included
        in the calculation of the market capitalization of the company only if those lines are significant and liquid. The Committee will add a stock to the UKX at the quarterly review if it has risen to 90th place or above on the full market
        capitalization rankings and will delete a stock at the quarterly review if it has fallen to 111th place or below on these rankings. Market capitalization rankings are calculated using data as of the close of business on the day before the review.

100 Constituent Limitation — The UKX always contains 100 constituents. If a greater number of companies qualify to be inserted in the index than qualify to be removed, the lowest
        ranking constituents of the index will be removed so that the total number of stocks remains at 100 following inclusion of those that qualify to be inserted. Likewise, if a greater number of companies qualify to be removed than to be inserted at
        the quarterly review, securities of the highest ranking companies that are then not included in the UKX will be inserted to match the number of companies being removed, in order to maintain the total at 100.

Index Calculation

The UKX is a market capitalization weighted index. This means that the price movement of a larger company (that is, one representing larger percentage of the index) will have a greater effect on the level of the index
        than will the price movement of a smaller company (that is, one representing a smaller percentage of the index).

The value of the UKX is represented by a fraction, (a) the numerator of which is the sum of the product of (i) the price of each component stock, (ii) the number of shares issued for each such component and (iii) a free
        float factor for each such component (described more fully below), and (b) the denominator of which is a divisor. The divisor represents the total issued share capital of the index on the base date; the divisor may be adjusted as necessary to allow
        for changes in issued share capital of individual securities without distorting the index.

As noted above, a free float factor is applied to each index component. By employing this approach, FTSE uses the investable market capitalization, not the total market capitalization, of each constituent to determine
        the value of the UKX. Investable market capitalization depends on free float. The following are excluded from free float: shares directly owned by state, regional, municipal and local governments (excluding shares held by independently managed
        pension schemes for governments); shares held by sovereign wealth funds where each holding is 10% or greater of the total number of shares in issue (if the holding subsequently decreases below 10%, the shares will be excluded from free float until
        the holding falls below 7%); shares held by directors, senior executives and managers of the company, and by their family and direct relations, and by companies with which they are affiliated; shares held within employee share plans; shares held by
        public companies or by non-listed subsidiaries of public companies; shares held by founders, promoters, former directors, founding venture capital and private equity firms, private companies and individuals (including employees) where the holding
        is 10% or greater of the total number of shares in issue (if the holding subsequently decreases below 10%, the shares will be excluded from free float until the holding falls below 7%); all shares where the holder is subject to a lock-in clause
        (for the duration of that clause, after which free float changes resulting from the expiration of a lock-in clause will be implemented at the next quarterly review subsequent to there being a minimum of 20 business days between the expiration date
        of such lock-in clause and the index review date); shares held for publicly announced strategic reasons, including shares held by several holders acting in concert; and shares that are subject to ongoing contractual agreements (such as swaps) where
        they would ordinarily be treated as restricted.

The UKX is recalculated whenever errors or distortions occur that are deemed to be significant. Users of the UKX are notified through appropriate media.

Index Maintenance

The UKX is reviewed quarterly for changes in free float. A stock’s free float is also reviewed and adjusted if necessary following certain corporate events. Following a takeover or merger involving one or more index
        constituents, the free float restrictions will be based on restricted holdings in the successor company and will be implemented when the offer has completed (or lapsed) unless it directly reflects a corporate action independent of and not
        conditional on the takeover or merger completing or lapsing. If the corporate event includes another corporate action that affects the index, a change in free float is implemented at the same time as the corporate action. If there is no corporate
        action, the change in free float will be applied at the next quarterly review. Following the application of an initial free float restriction, a stock’s free float will only be changed if its rounded free float moves more than three percentage
        points above or below the existing rounded free float. Companies with a free float of above 99% and of 15% or below will not be subject to the three percentage points threshold.

At each quarterly review, the Committee publishes a Reserve List containing the six highest ranking non-constituents of the UKX. The Reserve List will be used in the event that one or more constituents are deleted from
        the index during the period up to the next quarterly review. If a merger or takeover results in one index constituent being absorbed by another constituent, the resulting company will remain a constituent and a vacancy will be created. This vacancy
        will be filled by selecting the highest ranking security in the Reserve List as at the close of the UKX calculation two days prior to the deletion and related index adjustment. If an index constituent is taken over by a non-constituent company, the
        original constituent will be removed and replaced by the highest ranking non-constituent on the Reserve List. Any eligible company resulting from the takeover will be eligible to become the replacement company if it is ranked higher than any other
        company on the Reserve List. If a constituent company is split to form two or more companies, then the resulting companies will be eligible for inclusion as  UKX constituents, based on their respective full market capitalizations (before the
        application of any investability weightings), provided that they qualify in all other respects. Any eligible company resulting from a split that has no available market price after 20 business days will be removed. If a split results in the
        inclusion of an ineligible non-equity security, such security will remain in the UKX for two trading days and then be removed. If a constituent is delisted or ceases to have a firm quotation, it will be removed from the list of constituents and be
        replaced by the highest ranking eligible company from the Reserve List as at the close of the index calculation two days prior to the deletion.

Capitalization Adjustments

A premium listed secondary line of a company will be considered for index inclusion if its total market capitalization before the application of any adjustments based on the extent to which the shares are publicly
        traded, is greater than 25% of the total market capitalization of the company’s principal line and the secondary line is eligible, in its own right. Should the total market capitalization of a secondary line fall below 20% of the total market
        capitalization of the company’s principal line at an annual review, the secondary line will be deleted from the UKX unless its total market capitalization remains above the qualification level for continued inclusion as a constituent of the UKX at
        that review. Where a company has partly paid shares, these shares, together with the outstanding call(s), are both included in the UKX. Warrants to purchase ordinary shares and convertible securities are not included in the UKX until they are
        exercised or converted.

Share Weighting Changes — For the purposes of computing the UKX, the number of shares in issue for each constituent security is expressed to the nearest share and, to prevent a
        large number of insignificant weighting changes, the number of shares in issue for each constituent security is amended only when the total shares in issue held within the index system changes by more than 1% on a cumulative basis. Changes will be
        made quarterly after the close of business on the third Friday of March, June, September and December. The data for these changes will be taken from the close of business on the third Wednesday of the month prior to the review month.

If a corporate action is applied to a constituent which involves a change in the number of shares in issue, the change in shares will be applied simultaneously with the corporate action. If accumulated changes in the
        number of shares in issue add up to 10% or more or when an accumulated share change represents $2 billion of a company’s total market capitalization, they are implemented between quarters. If an adjustment is made, it will be applied for the first
        time at the next review in March of the following year. All adjustments are made before the start of the index calculation on the day concerned, unless market conditions prevent this.

Shares in Issue Increase — When a company increases the number of shares it has in issue, the market capitalization of that company increases and the total market capitalization
        will rise accordingly. The index divisor is adjusted to maintain a constant index value.

Weighting Amendments — The market capitalization of a company is adjusted to take account of various corporate actions. To prevent the value of the UKX from
        changing due to such an event, all corporate actions which affect the market capitalization of the UKX require an offsetting divisor adjustment. By adjusting the divisor, the value of the UKX remains constant before and after the event. Below is a
        summary of the more frequent corporate actions and their resulting adjustment.

Type of Corporate Action

Adjustment

Adjustment to Divisor

Issue of new shares

Share weighting increased

Taip

Share repurchase

Share weighting decreased

Taip

Bonus issued or stock split

Share weighting multiplied by four. Share price divided by four

No

Rights Issues — A rights issue is where a company raises new capital by offering shareholders additional shares at a set ratio with a discount to the market price. The rights
        become attached to the shares on a set date—the ex-date. On this date, the price of the company’s underlying shares will fall by the value of the rights. The effect of the rights issue is to increase the market capitalization of the company by the
        value of the additional shares created by the rights issue less the value of the fall in the share price. The share weighting of the company and index divisor are also adjusted to prevent the index falling in line with the reduction in the share
        price on the ex-date.

In the event that the market price is equal to or below the rights offer price at the close of business immediately before trading ex-dividend, no adjustments will be made. In this circumstance, any resulting new shares
        will only be added to the index weighting once the take-up proportion is known and together with any associated change to the company’s free float. If the rights issue is highly dilutive and the ratio is greater than ten to one, FTSE will include
        the new shares on a separate temporary line to reflect the market value of the right (together with a temporary line fixed at the value of the outstanding rights subscription price) until the end of the subscription period, at which point the
        temporary lines will be deleted and the new shares will be merged into the existing share line. In the event the rights issue involves non-equity and the value of the right cannot be determined, there will be no adjustment to the parent stock on
        the ex-date. The rights line will be included in the index at a value of zero on the ex-date (with no inclusion of the cash call value). If the rights line trades, it will be deleted at the market price after two days. If it does not trade, it will
        be deleted at a value of zero.

Market Disruption

If there is a system problem or situation in the market that is judged by FTSE to affect the quality of the constituent prices at any time when the index is being calculated, the index will be declared indicative (e.g.
        normally where a “fast market” exists in the equity market). The message “IND” will be displayed against the index value calculated by FTSE. The Committee must be satisfied that an accurate and reliable price for the purposes of determining the
        market value of a company exists. The Committee may exclude a security from the UKX should it consider that an “accurate and reliable” price is not available.

If any event leads to an error in the index value of the UKX that is greater than three basis points at the local country index level, then the UKX will generally be recalculated, subject to discovery, within one month
        of the event. Where an alternative approach is available, FTSE may, at its sole discretion, choose not to recalculate.

The following graph shows the daily historical performance of the UKX in the period from January 1, 2008 through June 27, 2019. We obtained this historical data from Bloomberg L.P. 
        We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the UKX was 7,402.33.

Historical Performance of the FTSE® 100 Index

This historical data on the UKX is not necessarily indicative of the future performance of the UKX or what the value of the notes may be. Any historical upward or downward trend in
        the level of the UKX during any period set forth above is not an indication that the level of the UKX is more or less likely to increase or decrease at any time over the term of the notes.

Before investing in the notes, you should consult publicly available sources for the levels of the UKX.

License Agreement

The notes are not in any way sponsored, endorsed, sold or promoted by FTSE or by the Exchange or by The Financial Times Limited ("FT") and neither FTSE or Exchange or FT makes any warranty or representation whatsoever,
        expressly or impliedly, either as to the results to be obtained from the use of the FTSE® 100 Index and/or the figure at which the said FTSE® 100 Index stands at any particular time on any particular day or otherwise. The FTSE®
100 Index is compiled and calculated solely by FTSE. However, neither FTSE or the Exchange or FT shall be liable (whether in negligence or otherwise) to any person for any error in the FTSE® 100 Index and neither FTSE or the Exchange or
        FT shall be under any obligation to advise any person of any error therein. “FTSE100" is a trademark of London Stock Exchange Plc and The Financial Times Limited and are used by FTSE under license. "All-World" is a trademark of FTSE.

The Nikkei Stock Average Index

The NKY was developed by Nikkei Inc. and is calculated, maintained and published by Nikkei Digital Media, Inc. a wholly owned subsidiary of Nikkei Inc. The index is reported by Bloomberg L.P. under
        the symbol “NKY.”

The NKY is a stock index that measures the composite price performance of selected Japanese stocks. The formal name of the NKY is the Nikkei Stock Average. The NKY is based on 225 underlying stocks
        (the “Nikkei Underlying Stocks”) trading on the Tokyo Stock Exchange (“TSE”) representing a broad cross-section of Japanese industries. All 225 Nikkei Underlying Stocks are stocks listed in the First Section of the TSE. Stocks listed in the First
        Section of the TSE are among the most actively traded stocks on the TSE. Nikkei Inc. rules require that the 75 most liquid issues (one-third of the component count of the NKY) be included in the NKY. Nikkei Inc. was first calculated and published
        the NKY in 1970; prior to 1970, the TSE calculated the NKY.

The 225 companies included in the NKY are divided into six sector categories: Technology, Financials, Consumer Goods, Materials, Capital Goods/Others and Transportation and Utilities. These six
        sector categories are further divided into 36 industrial classifications as follows:

Technology — Pharmaceuticals, Electrical Machinery, Automobiles, Precision Machinery, Telecommunications;

Financials — Banks, Miscellaneous Finance, Securities, Insurance;

Consumer Goods — Marine Products, Food, Retail, Services;

Materials — Mining, Textiles, Paper and Pulp, Chemicals, Oil, Rubber, Ceramics, Steel, Nonferrous Metals, Trading House;

Capital Goods/Others — Constructions, Machinery, Shipbuilding, Transportation Equipment, Miscellaneous Manufacturing, Real Estate; et

Transportation and Utilities — Railroads and Buses, Trucking, Shipping, Airlines, Warehousing, Electric Power, Gas.

Calculation of the NKY

The NKY is a modified, price-weighted index (i.e., a Nikkei Underlying Stock’s weight in the NKY is based on its price per share rather than the total market capitalization of the issuer) which is
        calculated by (i) multiplying the per share price of each Nikkei Underlying Stock by the corresponding weighting factor for such Nikkei Underlying Stock (a “Weight Factor”), (ii) calculating the sum of all these products and (iii) dividing such sum
        by a divisor (the “Divisor”). The Divisor was initially set at 225 for the date of May 16, 1949 (the date on which the TSE was reopened after World War II) using historical numbers from that date. The Divisor is subject to periodic adjustments as
        set forth below. Each Weight Factor is computed by dividing ¥50 by the presumed par value of the relevant Nikkei Underlying Stock, so that the share price of each Nikkei Underlying Stock when multiplied by its Weight Factor corresponds to a share
        price based on a uniform par value of ¥50. The stock prices used in the calculation of the NKY are those reported by a primary market for the Nikkei Underlying Stocks (currently the TSE). The level of the NKY is calculated once every 15 seconds
        during TSE trading hours.

In order to maintain continuity in the NKY in the event of certain changes due to non-market factors affecting the Nikkei Underlying Stocks, such as the addition or deletion
        of stocks, substitution of stocks, stock splits or distributions of assets to stockholders, the Divisor used in calculating the NKY is adjusted in a manner designed to prevent any instantaneous change or discontinuity in the level of the NKY.
        Thereafter, the Divisor remains at the new value until a further adjustment is necessary as the result of another change. As a result of such change affecting any Nikkei Underlying Stock, the Divisor is adjusted in such a way that the sum of all
        share prices immediately after such change multiplied by the applicable Weight Factor and divided by the new Divisor (i.e., the level of the NKY immediately after such change) will equal the level of the NKY immediately prior to the change.

Standards for Listing and Maintenance

A Nikkei Underlying Stock may be deleted or added by Nikkei Inc. Any stock becoming ineligible for listing in the First Section  of  the  TSE  due  to  any  of  the 
        following  reasons  will  be  deleted  from  the  Nikkei  Underlying  Stocks: (i) bankruptcy of the issuer, (ii) merger of the issuer with, or acquisition of the issuer by, another company, (iii) delisting of such stock, (iv) transfer of such stock
        to the “Seiri-Post” because of excess debt of the issuer or because of any other reason or (v) transfer of such stock to the Second Section. In addition, a component stock transferred to the “Kanri-Post” (Posts for stocks under supervision) becomes
        a candidate for deletion. Nikkei Underlying Stocks with relatively low liquidity, based on trading value and rate of price fluctuation over the past five years, may be deleted by Nikkei Inc. Upon deletion of a stock from the Nikkei Underlying
        Stocks, Nikkei Inc. will select a replacement for such deleted Nikkei Underlying Stock in accordance with certain criteria. In an exceptional case, a newly listed stock in the First Section of the TSE that is recognized by Nikkei Inc. to be
        representative of a market may be added to the Nikkei Underlying Stocks. In such a case, a newly listed stock in the First Section of the TSE that is recognized by Nikkei Inc. to be representative of a market may be added to the Nikkei Underlying
        Stocks. In such a case, an existing Nikkei Underlying Stock with low trading volume and deemed not to be representative of a market will be deleted by Nikkei Inc.

A list of the issuers of the Nikkei Underlying Stocks constituting the NKY is available from the Nikkei Economic Electronic Databank System and from the Stock Market Indices
        Data Book published by Nikkei Inc. Nikkei Inc. may delete, add or substitute any stock underlying the NKY.

Property Rights and Disclaimers

The Nikkei Stock Average is an intellectual property of Nikkei Inc. “Nikkei,” “Nikkei Stock Average,” and “Nikkei 225” are the service marks of Nikkei Inc. Nikkei Inc. reserves all the rights, including
        copyright, to the NKY. Nikkei Digital Media, Inc., a wholly owned subsidiary of Nikkei Inc. calculates and disseminates the NKY under exclusive agreement with Nikkei Inc. Nikkei Inc. and Nikkei Digital

Media Inc. are collectively the “Nikkei Index Sponsor.”

The notes are not in any way sponsored, endorsed or promoted by the Nikkei Index Sponsor. The Nikkei Index Sponsor does not make any warranty or representation whatsoever,
        express or implied, either as to the results to be obtained as to the use of the NKY or the figure as which the NKY stands at any particular day or otherwise. The NKY is compiled and calculated solely by the Nikkei Index Sponsor. However, the
        Nikkei Index Sponsor shall not be liable to any person for any error in the NKY and the Nikkei Index Sponsor shall not be under any obligation to advise any person, including a purchase or vendor of the notes, of any error therein.

In addition, the Nikkei Index Sponsor gives no assurance regarding any modification or change in any methodology used in calculating the NKY and is under no obligation to
        continue the calculation, publication and dissemination of the NKY.

The following graph shows the daily historical performance of the NKY in the period from January 1, 2008 through June 27, 2019. We obtained this historical data from Bloomberg L.P. 
        We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the NKY was 21,338.17.

Historical Performance of the Nikkei Stock Average Index

This historical data on the NKY is not necessarily indicative of the future performance of the NKY or what the value of the notes may be. Any historical upward or downward trend in
        the level of the NKY during any period set forth above is not an indication that the level of the NKY is more or less likely to increase or decrease at any time over the term of the notes.

Before investing in the notes, you should consult publicly available sources for the levels of the NKY.

License Agreement

Royal Bank has entered into a non-exclusive license agreement with Nikkei, which will allow us and our affiliates, in exchange for a fee, to use the NKY in connection with this offering. We are not affiliated with
        Nikkei; the only relationship between Nikkei and us will be the licensing of the use of the NKY and trademarks relating to the NKY.

Nikkei is under no obligation to continue the calculation and dissemination of the NKY. The notes are not sponsored, endorsed, sold or promoted by Nikkei. No inference should be drawn from the information contained in
        this document that Nikkei makes any representation or warranty, implied or express, to us, any holder of the notes or any member of the public regarding the advisability of investing in securities generally, or in the notes in particular, or the
        ability of the NKY to track general stock market performance.

Nikkei determines, composes and calculates the NKY without regard to the notes. Nikkei has no obligation to take into account your interest, or that of anyone else having an interest, in the notes in determining,
        composing or calculating the NKY. Nikkei is not responsible for, and has not participated in the determination of, the terms, prices or amount of the notes and will not be responsible for, or participate in, any determination or calculation
        regarding the principal amount of the notes payable at maturity. Nikkei has no obligation or liability in connection with the administration, marketing or trading of the notes.

Nikkei disclaims all responsibility for any errors or omissions in the calculation and dissemination of the NKY or the manner in which the NKY is applied in determining any level of the NKY or any amount payable on
        the Securities.

NIKKEI DOES NOT GUARANTEE THE ACCURACY OR THE COMPLETENESS OF THE NKY OR ANY DATA INCLUDED IN THE NKY.  NIKKEI ASSUMES NO LIABILITY FOR ANY ERRORS OR OMISSIONS.

“Nikkei®” is a trademark of Nikkei. The notes are not sponsored, endorsed, sold or promoted by Nikkei, and Nikkei makes no representation regarding the advisability of investing in the notes.

The Swiss Market Index

The Swiss Market Index (the “SMI”):

was first launched with a base level of 1,500 as of June 30, 1988; et

is sponsored, calculated, published and disseminated by SIX Group Ltd., certain of its subsidiaries, and the Management Committee of the SIX Swiss Exchange (the “SIX Exchange”).

The SMI is a price return float-adjusted market capitalization-weighted index of the 20 largest stocks traded on the Swiss Stock Exchange. The Management Committee of SIX Swiss Exchange is supported by an Index
        Commission (advisory board) in all index-related matters, notably in connection with changes to the index rules and adjustments, additions and exclusions outside of the established review and acceptance period. The Index Commission meets at least
        twice annually.

Index Composition and Selection Criteria

The SMI is comprised of the 20 highest ranked stocks traded on the Swiss Stock Exchange that have a free float of 20% or more and that are not investment companies. The equity universe is largely Swiss domestic
        companies; however, in some cases, foreign issuers with a primary listing on the Swiss Stock Exchange or investment companies that do not hold any shares of any other eligible company and that have a primary listing on the Swiss Stock Exchange may
        be included.

The ranking of each security is determined by a combination of the following criteria:

average free-float market capitalization (compared to the capitalization of the entire Swiss Stock Exchange index family), and

cumulative on order book turnover (compared to the total turnover of the Swiss Stock Exchange index family).

Each of these two factors is assigned a 50% weighting in ranking the stocks eligible for the SMI.

The SMI is reconstituted annually after prior notice of at least two months on the third Friday in September after the close of trading.

The reconstitution is based on data from the previous July 1 through June 30. Provisional interim selection (ranking) lists are also published following the end of the third, fourth and first financial quarters.

In order to reduce turnover, an index constituent will not be replaced unless it is ranked below 23 or, if it is ranked 21 or 22, if another share ranks 18 or higher. If a company has primary listings
        on several exchanges and less than 50% of that company’s total turnover is generated on the Swiss Stock Exchange, it will not be included in the SMI unless it ranks at least 18 or better on the selection list on the basis of its turnover alone
        (i.e., without considering its free float).

Index Maintenance

Constituent Changes. In the case of major market changes as a result of capital events such as mergers or new listings, the Management Committee of SIX Swiss Exchange can
        decide at the request of the Index Commission that a security should be admitted to the SMI outside the annual review period as long as it clearly fulfills the criteria for inclusion. For the same reasons, a security can also be excluded if the
        requirements for admission to the SMI are no longer fulfilled. As a general rule, extraordinary acceptances into the SMI take place after a three-month period on a quarterly basis after the close of trading on the third Friday of March, June,
        September and December (for example, a security listed on or before the fifth trading day prior to the end of November cannot be included until the following March). An announced insolvency is deemed to be an extraordinary event and the security
        will be removed from the SMI with five trading days’ prior notice if the circumstances permit such notice.

Number of Shares and Free Float. The securities included in the SMI are weighted according to their free float. This means that shares deemed to be in firm hands are subtracted
        from the total market capitalization of that company. The free float is calculated on the basis of outstanding shares. Issued and outstanding equity capital is, as a rule, the total amount of equity capital that has been fully subscribed and wholly
        or partially paid in and documented in the Commercial Register. Not counting as issued and outstanding equity capital are the approved capital and the conditional capital of a company. The free float is calculated on the basis of listed shares
        only. If a company offers several different categories of listed participation rights, each is treated separately for purposes of index calculation.

Shares held deemed to be in firm hands are shareholdings that have been acquired by one person or a group of persons in companies domiciled in Switzerland and which, upon exceeding 5%, have been reported to the SIX
        Exchange. Shares of persons and groups of persons who are subject to a shareholder agreement which is binding for more than 5% of the listed shares or who, according to publicly known facts, have a long-term interest in a company, are also deemed
        to be in firm hands.

For the calculation of the number of shares in firm hands, the SIX Exchange may also use other sources than the reports submitted to it. In particular, the SIX Exchange may use data gained from issuer surveys that it
        conducts itself.

In general, shares held by custodian nominees, trustee companies, investment funds, pension funds and investment companies are deemed free-floating regardless whether a report has been made to the SIX Exchange. Le
        SIX Exchange classifies at its own discretion persons and groups of persons who, because of their area of activity or the absence of important information, cannot be clearly assigned.

The free-float rule applies only to bearer shares and registered shares. Capital issued in the form of participation certificates (“Partizipationsscheine”) and bonus certificates (“Genussscheine”) is taken into full account in calculating the
        SMI because it does not confer voting rights.

The number of securities in the SMI and the free-float factors are adjusted after the close of trading on four adjustment dates per year, the third Friday of March, June, September and December. Such changes are
        pre-announced at least one month before the adjustment date, although the index sponsor reserves the right to take account of recent changes before the adjustment date in the actual adjustment, so the definite new securities are announced five
        trading days before the adjustment date.

In order to avoid frequent slight changes to the weighting and to maintain the stability of the SMI, any extraordinary change of the total number of outstanding securities or the free float will only result in an
        extraordinary adjustment if it exceeds 10% and 5% respectively and is in conjunction with a corporate action.

After a takeover, the index sponsor may, in exceptional cases, adjust the free float of a company upon publication of the end results after a five-day notification period or may exclude the security from the relevant
        index family. When an insolvency has been announced, an extraordinary adjustment will be made and the affected security will be removed from the SMI after five trading days’ notice.

The index sponsor reserves the right to make an extraordinary adjustment, in exceptional cases, without observing the notification period.

Capped Weightings and Intra-Quarter Breaches. The weight of any index constituent that exceeds a weight of 18% within the Swiss Market Index is reduced to that value at each
        ordinary quarterly adjustment date by applying a capping factor to the calculation of such constituent’s free float market capitalization. A constituent’s number of shares and free float figure are used to determine its capping factor. The excess
        weight (the difference of the original weight minus the capped weight) is distributed proportionally across the other index constituents. The constituents are also capped to 18% as soon as two index constituents exceed a weight of 20% (an
        “intra-quarter breach”). If an intra-quarter breach is observed after the close of the markets, the new capping factors are implemented after the close of the following trading day. The weights of the largest components are therefore set again to
        be approximately 18% at the subsequent market open. In order to achieve a capped weighting while attempting to not cause market distortion, a stepwise reduction is conducted based on the ordinary quarterly index adjustment reviews to ensure that no
        change in the weight (as a result of capping) from one review to the next exceeds 3%. The transition period is in effect until no component has a weight larger than 18%. In the case of an intra-quarter breach where two index constituents exceed
        20%, the weights are limited to the last defined weights as of the prior review.

Index Calculation

The index sponsor calculates the SMI using the “Laspeyres formula,” with a weighted arithmetic mean of a defined number of securities issues. The formula for calculating the index value can be expressed as follows:

Swiss Market  Index (SMI®)  =

Free Float Market Capitalization of the Swiss Market Index

Divisor

The “free float market capitalization of the SMI®” is equal to the sum of the product of the last-paid price, the number of shares, the free-float factor and, if a foreign stock is included, the current CHF
        exchange rate as of the time the index value is being calculated. The index value is calculated in real time and is updated whenever a trade is made in a component stock. Where any SMI component stock price is unavailable on any trading day, the
        index sponsor will use the last reported price for such component stock. Only prices from the SIX Exchange’s electronic order book are used in calculating the SMI.

Divisor Value and Adjustments

The divisor is a technical number used to calculate the index and is adjusted to reflect changes in market capitalization due to corporate events.

Below are common corporate events and their impact on the divisor of the index.

Event

Divisor Change?

Regular cash dividend

No

Repayments of capital through reduction of a share’s par value

No

Special dividends, anniversary bonds and other extraordinary payments that, contrary to the company’s usual dividend policy, are paid out or declared extraordinary.

Taip

Share dividends (company’s own shares)

No

Share dividend (shares of another company)

Taip

The index sponsor reserves the right to respond to any other corporate events with divisor adjustments or, in extraordinary circumstances, to depart from the provisions set forth above.

The following graph shows the daily historical performance of the SMI in the period from January 1, 2008 through June 27, 2019. We obtained this historical data from Bloomberg L.P. 
        We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the SMI was 9,859.76.

Historical Performance of the Swiss Market Index

This historical data on the SMI is not necessarily indicative of the future performance of the SMI or what the value of the notes may be. Any historical upward or downward trend in
        the level of the SMI during any period set forth above is not an indication that the level of the SMI is more or less likely to increase or decrease at any time over the term of the notes.

Before investing in the notes, you should consult publicly available sources for the levels of the SMI.

License Agreement

The notes are not in any way sponsored, endorsed, sold or promoted by the SIX Swiss Exchange Ltd and the SIX Swiss Exchange Ltd makes no warranty or representation whatsoever, express or implied, either as to the
        results to be obtained from the use of the Swiss Market Index and/or the figure at which the Swiss Market Index stands at any particular time on any particular day or otherwise. However, the SIX Swiss Exchange Ltd shall not be liable (whether in
        negligence or otherwise) to any person for any error in the Swiss Market Index and the SIX Swiss Exchange Ltd shall not be under any obligation to advise any person of any error therein.

® SIX Group, SIX Swiss Exchange, SPI, Swiss Performance Index (SPI), SPI EXTRA, SPI ex SLI, SMI, Swiss Market Index (SMI), SMI MID (SMIM), SMI Expanded, SXI, SXI Real Estate, SXI Swiss Real Estate, SXI Life Sciences, SXI Bio+Medtech,
        SLI, SLI Swiss Leader Index, SBI, SBI Swiss Bond Index, SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION, VSMI and SWX Immobilienfonds Index are trademarks that have been registered in Switzerland and/or abroad
        by SIX Group Ltd respectively SIX Swiss Exchange Ltd. Their use is subject to a license.

The S&P/ASX 200 Index

The S&P®/ASX 200 Index (the “AS51”):

was first launched in 1979 by the Australian Securities Exchange and was acquired and re-launched by its current index sponsor on April 3, 2000; et

is sponsored, calculated, published and disseminated by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial (“S&P”).

The AS51 includes 200 companies and covers approximately 80% of the Australian equity market by market capitalization. As discussed below, the AS51 is not limited solely to companies having their
        primary operations or headquarters in Australia or to companies having their primary listing on the Australian Securities Exchange (the “ASX”). All ordinary and preferred shares (if such preferred shares are not of a fixed income nature) listed on
        the ASX, including secondary listings, are eligible for the AS51. Hybrid stocks, bonds, warrants, preferred stock that provides a guaranteed fixed return and listed investment companies are not eligible for inclusion.

The AS51 is intended to provide exposure to the largest 200 eligible securities that are listed on the ASX by float-adjusted market capitalization.  Constituent companies for the AS51 are chosen based
        on market capitalization, public float and liquidity. All index-eligible securities that have their primary or secondary listing on the ASX are included in the initial selection of stocks from which the 200 index stocks may be selected.

The float-adjusted market capitalization of companies is determined based on the daily average market capitalization over the last six months. The security’s price history over the last six months,
        the latest available shares on issue and the investable weight factor (the “IWF”), are the factors relevant to the calculation of daily average market capitalization. The IWF is a variable that is primarily used to determine the available float of
        a security for ASX listed securities.

Information regarding the AS51 may be found on S&P’s website.  That information is updated from time to time on that website.  Please note that information included in that website is not included
        or incorporated by reference in this document.

Number of Shares

When considering the index eligibility of securities for inclusion or promotion into S&P/ASX indices, the number of index securities under consideration is based upon the latest available ASX
        quoted securities. For domestic securities (companies incorporated in Australia and traded on the ASX, companies incorporated overseas but exclusively listed on the ASX and companies incorporated overseas and traded on other markets but most of its
        trading activity is on the ASX), this figure is purely based upon the latest available data from the ASX.

Foreign-domiciled securities may quote the total number of securities on the ASX that is representative of their global equity capital; whereas other foreign-domiciled securities may quote securities
        on the ASX on a partial basis that represents their Australian equity capital. In order to overcome this inconsistency, S&P will quote the number of index securities that are represented by CHESS Depositary Interests (“CDIs”) for a foreign
        entity. When CDIs are not issued, S&P will use the total securities held on the Australian register (CHESS and, where supplied, the issuer sponsored register). This quoted number for a foreign entity is representative of the Australian equity
        capital, thereby allowing the AS51 to be increasingly reflective of the Australian market.

The number of CDIs or shares of a foreign entity quoted on the ASX can experience more volatility than is typically the case for ordinary shares on issue. Therefore, an average number on issue will be
        applied over a six-month period.

Where CDI information is not supplied to the ASX by the company or the company’s share register, estimates for Australian equity capital will be drawn from CHESS data and, ultimately, registry-sourced
date

IWF

The index is float-adjusted, meaning that the share counts used in calculating the index reflect only those shares available to investors, rather than all of a company’s outstanding shares. S&P seeks to exclude
        shares held by long-term, strategic shareholders, a group that generally includes the following: officers and directors and related individuals whose holdings are publicly disclosed, private equity, venture capital, special equity firms, asset
        managers and insurance companies with board of director representation, publicly traded companies that hold shares in another company, holders of restricted shares (except for shares held as part of a lock-up agreement), company-sponsored employee
        share plans/trusts, defined contribution plans/savings, investment plans, foundations or family trusts associated with the company, government entities at all levels (except government retirement or pension funds), sovereign wealth funds and any
        individual person listed as a 5% or greater stakeholder in a company as reported in regulatory filings (collectively, “strategic holders”). To this end, S&P excludes all share holdings with a position greater than 5% of the outstanding shares
        of a company from the float-adjusted share count to be used in index calculations (other than depositary banks, pension funds (including government pension and retirement funds), mutual funds, exchange traded fund providers, investment funds, asset
        managers (including hedge funds with no board of director representation), investment funds of insurance companies and independent foundations not associated with the company).

The exclusion is accomplished by calculating an investable weight factor (IWF) for each stock that is included in the index as follows:

IWF = (available float shares)/(total shares outstanding)

where available float shares is defined as total shares outstanding less shares held by strategic holders. In most cases, an IWF is reported to the nearest one percentage point. For companies with multiple share class
        lines, a separate IWF is calculated for each share class line.

A company must have a minimum IWF of 0.3 to be eligible for inclusion in the index; however, an IWF at or above 0.3 is not necessary for ongoing index membership.

IWFs are reviewed annually as part of the September quarterly review. However, any event that alters the float of a security in excess of 5% will be implemented as soon as practicable by an adjustment to the IWF.

Liquidity Test

Only stocks that are regularly traded are eligible for inclusion. Eligible stocks are considered for index inclusion based on their stock median liquidity (median daily value traded divided by its average
        float-adjusted market capitalization for the last six months) relative to the market capitalization weighted average of the stock median liquidities of the 500 constituents of the All Ordinaries index, another member of the S&P®/ASX
        index family.

Index Maintenance

S&P rebalances constituents quarterly to ensure adequate market capitalization and liquidity using the previous six months’ data to determine index eligibility. Quarterly review changes take effect the third
        Friday of March, June, September and December. Eligible stocks are considered for index inclusion based on their float-adjusted market capitalization rank relative to the stated quota of 200 securities. For example, a stock that is currently in the
        S&P®/ASX 300 and is ranked at 175, based on float-adjusted market capitalization, within the universe of eligible securities may be considered for inclusion into the AS51, provided that liquidity hurdles are met.

In order to limit the level of index turnover, eligible non-constituent securities will generally only be considered for index inclusion once a current constituent stock is excluded due to a sufficiently low rank
        and/or liquidity, based on the float-adjusted market capitalization. Potential index inclusions and exclusions need to satisfy buffer requirements in terms of the rank of the stock relative to a given index. The buffers are established to limit the
        level of index turnover that may take place at each quarterly rebalancing.

Between rebalancing dates, an index addition is generally made only if a vacancy is created by an index deletion. Index additions are made according to float-adjusted market capitalization and liquidity. An initial
        public offering is added to the AS51 only when an appropriate vacancy occurs and is subject to proven liquidity for at least two months. An exception may be made for extraordinary large offerings where sizeable trading volumes justify index
        inclusion.

Deletions can occur between index rebalancing dates due to acquisitions, mergers and spin-offs or due to suspension or bankruptcies. The decision to remove a stock from the AS51 will be made once there is sufficient
        evidence that the transaction will be completed. Stocks that are removed due to mergers and acquisitions are removed from the AS51 at the cash offer price for cash-only offers. Otherwise, the best available price in the market is used.

Share numbers for all index constituents are updated quarterly and are rounded to the nearest thousand. The update to the number of issued shares will be considered if the change is at least 5% of the shares
        outstanding.

Share updates for foreign-domiciled securities will take place annually at the March rebalancing. Updates to the number of shares outstanding will only take place when the six-month average of CDIs or the Total
        Securities held in the Australian branch of issuer sponsored register (where supplied) and in CHESS, as of the March rebalancing, differs by at least 5% from the current shares outstanding. Where CDI information is not supplied to the ASX by the
        company or the company’s share register, estimates for Australian equity capital will be drawn from CHESS data and, ultimately, registry-sourced data.

Intra-quarter share changes are implemented at the effective date or as soon as reliable information is available; however, they will only take place in the following circumstances:

changes in a company’s shares outstanding of 5% or more due to market-wide shares issuance;

rights issues, bonus issues and other major corporate actions; et

share issues resulting from index companies merging and major off-market buy-backs.

Share changes due to mergers or acquisitions are implemented when the transaction occurs, even if both of the companies are not in the same index and regardless of the size of the change.

IWFs are reviewed annually as part of the September quarterly review. However, any event that alters the float of a security in excess of 5% will be implemented as soon as practicable by an adjustment to the IWF.

Index Calculation

The AS51 is calculated using a base-weighted aggregate methodology. The value of the AS51 on any day for which an index value is published is determined by a fraction, the
        numerator of which is the aggregate of the price of each stock in the AS51 times the number of shares of such stock included in the AS51 times that stock’s IWF, and the denominator of which is the divisor, which is described more fully below.

In order to prevent the value of the AS51 from changing due to corporate actions, all corporate actions may require S&P to make an index or divisor adjustment. This helps maintain the value of the index and ensures that the movement of the
        AS51 does not reflect the corporate actions of the individual companies that comprise the AS51.

The table below summarizes the types of index adjustments and their consequences under the index methodology:

Corporate Action

Gydymas

Company addition/deletion

Addition

Companies are added at the float market capitalization weight. The net change to the index market capitalization causes a divisor adjustment.

Deletion

The weights of all stocks in the index will proportionally change. Relative weights will stay the same. The index divisor will change due to the net change in the index market capitalization.

Change in shares outstanding

Increasing (decreasing) the shares outstanding increases (decreases) the market capitalization of the index. The change to the index market capitalization causes a divisor adjustment.

Split/reverse split

Shares outstanding are adjusted by split ratio. The stock price is adjusted by the split ratio. There is no change to the index market capitalization and no divisor adjustment.

Spin-off

The spin-off is added to the index on the ex-date at a price of zero. The spin-off index shares are based on the spin-off ratio. On the ex-date, the spin-off will have the same attributes as
                its parent company, and will remain in the index for at least one trading day. As a result, there will be no change to the index divisor on the ex-date.

If the spin-off is ineligible for continued inclusion, it will be removed after the ex-date. The weight of the spin-off being deleted is reinvested across all the index components
                proportionally such that the relative weights of all index components are unchanged. The net change in index market capitalization will cause a divisor change.

Change in IWF

Increasing (decreasing) the IWF increases (decreases) the market capitalization of the index. A net change to the index market capitalization causes a divisor adjustment.

Ordinary dividend

When a company pays an ordinary cash dividend, the index does not make any adjustments to the price or shares of the stock. As a result, there are no divisor adjustments to the index.

Special dividend

The stock price is adjusted by the amount of the dividend. The net change to the index market capitalization causes a divisor adjustment.

Rights offering

All rights offerings that are in the money on the ex-date are applied under the assumption the rights are fully subscribed. The stock price is adjusted by the value of the rights and the
                shares outstanding are increased by the rights ratio. The net change in market capitalization causes a divisor adjustment.

Recalculation Policy

S&P reserves the right to recalculate and republish the S&P®/ASX 200 Index at its discretion in the event one of the following issues has occurred:

incorrect or revised closing price of one or more constituent securities;

missed corporate event;

incorrect application of corporate action or index methodology;

late announcement of a corporate event; arba

incorrect calculation or data entry error.

The decision to recalculate the index is made at the discretion of S&P’s index manager and/or the ASX Committee, as further discussed below.  The potential market impact or disruption resulting from the potential
        recalculation is considered when making any such decision.  In the event of one of the above events, other than as described in the third bullet, the index manager may, at his or her discretion, recalculate the index without involving the ASX
        Committee.  If such event is discovered beyond the two trading day period, the ASX Committee shall decide whether the index should be recalculated. In the event of an incorrect application of the methodology that results in the incorrect
        composition and/or weighting of index constituents, the ASX Committee shall determine whether or not to recalculate the index following specified guidelines. If the index is recalculated, it shall be done within a reasonable timeframe following the
        detection and review of the issue.

The following graph shows the daily historical performance of the AS51 in the period from January 1, 2008 through June 27, 2019. We obtained this historical data from Bloomberg
        L.P.  We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the AS51 was 6,666.313.

Historical Performance of the S&P/ASX 200 Index

This historical data on the AS51 is not necessarily indicative of the future performance of the AS51 or what the value of the notes may be. Any historical upward or downward trend
        in the level of the AS51 during any period set forth above is not an indication that the level of the AS51 is more or less likely to increase or decrease at any time over the term of the notes.

Before investing in the notes, you should consult publicly available sources for the levels of the AS51.

License Agreement

The S&P®/ASX 200 Index is published and maintained by the S&P Australian Index Committee (the “ASX Committee”), a team of representatives from both Standard & Poor’s and the Australian Stock Exchange. The S&P®/ASX

        200 Index is composed of the S&P®/ASX 100 stocks plus an additional 100 stocks selected by the ASX Committee.  The S&P®/ASX 200 Index essentially covers large-cap and mid-cap stocks evaluated for liquidity and size. 
        Additional information concerning the S&P®/ASX 200 Index may be obtained from the Australian Stock Exchange website at www.asx.com.au. We are not incorporating by reference the website or any material it includes in this document.

The Hang Seng Index

The HSI is reported by Bloomberg L.P. under the ticker symbol “HSI.”

The HSI is calculated, maintained and published by HSIL, a wholly owned subsidiary of Hang Seng Bank, in concert with the HSI Advisory Committee and was first developed,
        calculated and published on November 24, 1969. The HSI is a free float-adjusted market capitalization weighted stock market index that is designed to reflect the performance of the Hong Kong stock market.

Only companies with a primary listing on the main board of the Stock Exchange of Hong Kong (“SEHK”) are eligible as constituents of the HSI. Mainland China enterprises that have an H-share listing
        in Hong Kong will not be eligible for inclusion in the HSI unless the company has no unlisted share capital. In addition, to be eligible for selection, a company: (1) must be among those that constitute the top 90% of the total market value of all
        primary listed shares on the SEHK (the market value of a company refers to the average of its month-end market capitalizations for the past 12 months); (2) must be among those that constitute the top 90% of the total turnover of all primary listed
        shares on the SEHK in a sufficient number of measurement sub-periods (turnover is assessed over the last eight quarterly sub-periods: if a company was in the top 90% in any of the most recent four sub-periods, it receives two points; if it was in
        the top 90% in any of the latter four sub-periods, it receives one point. A company must attain a “score” of eight points to meet the turnover requirement); and (3) should normally have a listing history of 24 months (there are exceptions for
        companies that have shorter listing histories but large market values and/or high turnover scores). From the many eligible candidates, final selections are based on the following: (1) the market value and turnover rankings of the companies; (2) the
        representation of the sub‑sectors within the HSI directly reflecting that of the market; and (3) the financial performance of the companies.

Calculation of the HSI

The calculation methodology of the HSI is a free float-adjusted market capitalization weighting with a 10% cap on individual stocks. Under this calculation methodology, shares
        held by any entities (excluding custodians, trustees, mutual funds and investment companies) which control more than 5% of shares are excluded for index calculation:

Strategic holdings (governments and affiliated entities or any other entities which hold substantial shares in the company would be considered as non-freefloat
                    unless otherwise proved);

Directors’ and management holdings (directors, members of the board committee, principal officers or founding members);

Corporate cross holdings (publicly traded companies or private firms / institutions); et

Lock-up shares (shareholdings with a publicly disclosed lock-up arrangement).

A free float-adjusted factor representing the proportion of shares that is free floated as a percentage of the issued shares, is rounded up to the nearest multiple of 5% for the
        calculation of the HSI and is updated quarterly.

A cap of 10% on individual stock weightings is applied. A cap factor is calculated quarterly to coincide with the regular update of the free float-adjusted factor. Additional re-capping is
        performed upon constituent changes.

The formula for the index calculation is shown below:

Current Index =

Current Aggregate Free Float-adjusted Market

Capitalization of Constituents

X Yesterday’s Closing Index

Yesterday’s Aggregate Free Float-adjusted Market

Capitalization of Constituents

=

∑ (Pt x IS x FAF x CF)

X Yesterday’s Closing Index

∑ (Pt-1 x IS x FAF x CF)

where:

Pt: current price at day t;

Pt-1: closing price at day t-1;

IS: number of issued shares (in the case of H-share constituents, only the H-share portion is taken into calculation);

FAF: free float-adjusted factor, which is between 0 and 1; et

CF: cap factor, which is between 0 and 1.

The following graph shows the daily historical performance of the HSI in the period from January 1, 2008 through June 27, 2019. We obtained this historical data from Bloomberg L.P. 
        We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the HSI was 28,621.42.

Historical Performance of the Hang Seng® Index

This historical data on the HSI is not necessarily indicative of the future performance of the HSI or what the value of the notes may be. Any historical upward or downward trend in
        the level of the HSI during any period set forth above is not an indication that the level of the HSI is more or less likely to increase or decrease at any time over the term of the notes.

Before investing in the notes, you should consult publicly available sources for the levels of the HSI.

License Agreement

The Hang Seng® Index (the “Index”) is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services Limited.  The mark(s) and name(s) of the Hang Seng® Index are proprietary
        to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index by Royal Bank of Canada, BUT NEITHER HANG SENG
          INDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE SECURITIES OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF THE INDEX AND ITS COMPUTATION OR ANY INFORMATION
          RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT
          FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO THE INDEX IS GIVEN OR MAY BE IMPLIED.
The process and basis of computation and compilation of the Index and any of the related formula or
        formulae, constituent stocks and factors may at any time be changed or altered by Hang Seng Indexes Company Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS
          ACCEPTED BY HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE INDEX BY ROYAL BANK OF CANADA IN CONNECTION WITH THE SECURITIES; OR (ii) FOR ANY INACCURACIES, OMISSIONS,
          MISTAKES OR ERRORS OF HANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF THE INDEX; OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF THE INDEX WHICH IS
          SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE SECURITIES OR ANY OTHER PERSON DEALING WITH THE SECURITIES AS A RESULT OF ANY OF THE AFORESAID, AND
          NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANG SENG DATA SERVICES LIMITED
in connection with the notes in any manner whatsoever by any broker, holder or other person dealing
        with the notes.  Any broker, holder or other person dealing with the notes does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services Limited. For the
        avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and Hang Seng Indexes Company Limited and/or Hang Seng Data Services Limited and must not be construed
        to have created such relationship.

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover
        of this term sheet.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than two business days following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in
        the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two business days prior to the original issue
        date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are
        consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S’s and
        BofAS’s trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short,
        undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for
        the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Basket and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is
        obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the
        notes.

The value of the notes shown on your account statement will be based on BofAS’s estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to
        do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be
        higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors
        in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding RBC or for any purpose other than that described in the immediately preceding
        sentence.

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Basket.  As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes
        reflect our actual or perceived creditworthiness at the time of pricing.  In addition, because market-linked notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under these notes at a
        rate that is more favorable to us than the rate which we refer to as our internal funding rate, which is the rate that we might pay for a conventional fixed or floating rate debt security. This generally relatively lower internal funding rate,
        which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.

Payments on the notes, including the Redemption Amount, will be calculated based on the $10 principal amount per unit. The Redemption Amount will depend on the performance of the Basket. In order to meet these payment
        obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates.  The terms of these hedging arrangements
        are determined by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Basket Components, the tenor of
        the notes and the tenor of the hedging arrangements.  The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging related charge of approximately $0.075 per unit, reflecting an estimated profit to be credited to BofAS from these transactions.  Since hedging
        entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see “Risk Factors—General Risks Relating to the ARNs” beginning on page PS-6 and “Use of Proceeds and Hedging” on page PS-15 of product supplement EQUITY INDICES ARN-1.

Summary of Canadian Federal Income Tax Consequences

For a discussion of the material Canadian federal income tax consequences relating to an investment in the notes, please see the section entitled “Tax Consequences—Canadian Taxation” in the prospectus dated September 7, 2018.

Summary of U.S. Federal Income Tax Consequences

You should consider the U.S. federal income tax consequences of an investment in the notes, including the following:

There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.

You agree with us (in the absence of a statutory, regulatory, administrative, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as pre-paid cash-settled derivative contracts in respect of
                    the Basket.

Under this characterization and tax treatment of the notes, a U.S. holder (as defined on page 41 of the prospectus) generally will recognize capital gain or loss upon the sale or maturity of the notes. This capital gain or loss
                    generally will be long-term capital gain or loss if you held the notes for more than one year.

No assurance can be given that the Internal Revenue Service or any court will agree with this characterization and tax treatment.

Under current Internal Revenue Service guidance, withholding on “dividend equivalent” payments (as discussed in the product supplement), if any, will not apply to notes that are issued as of the date of this pricing supplement unless
                    such notes are “delta-one” instruments.

The accompanying product supplement notes that FATCA withholding on payments of gross proceeds from a sale or redemption of the notes will only apply to payments made after December 31, 2018. That discussion is modified to reflect
                    regulations proposed by the U.S. Treasury Department in December 2018 indicating an intent to eliminate the requirement under FATCA of withholding on gross proceeds of the disposition of financial instruments. The U.S. Treasury
                    Department has indicated that taxpayers may rely on these proposed regulations pending their finalization. Prospective investors are urged to consult with their own tax advisors regarding the possible implications of FATCA on their
                    investment in the notes.

You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of the notes, as well as any tax consequences arising under the laws of any state,
        local, foreign, or other tax jurisdiction and the possible effects of changes in U.S. federal or other tax laws.  You should review carefully the discussion under the section entitled “U.S. Federal Income Tax Summary” beginning on page PS-30 of
        product supplement EQUITY INDICES ARN-1.

Validity of the Notes

In the opinion of Norton Rose Fulbright Canada LLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of RBC in conformity with the
          Indenture, and when the notes have been duly executed, authenticated and issued in accordance with the Indenture and delivered against payment therefor, the notes will be validly issued and, to the extent validity of the notes is a matter
          governed by the laws of the Province of Ontario or Québec, or the laws of Canada applicable therein, and will be valid obligations of RBC, subject to equitable remedies which may only be granted at the discretion of a court of competent
          authority, subject to applicable bankruptcy, to rights to indemnity and contribution under the notes or the Indenture which may be limited by applicable law, to insolvency and other laws of general application affecting creditors’ rights, to
          limitations under applicable limitations statutes and subject to limitations as to the currency in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited
          to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the Indenture and the
          genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated September 7, 2018, which has been filed as Exhibit 5.1 to RBC’s Form 6-K filed with the SEC dated September 7, 2018.

In the opinion of Morrison & Foerster LLP, when the notes have been duly completed in accordance with the Indenture and issued and sold as contemplated by the prospectus
          supplement and the prospectus, the notes will be valid, binding and enforceable obligations of RBC, entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally,
          concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws
          of the State of New York. This opinion is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the Indenture and the genuineness of signatures and to such counsel’s reliance on RBC and other sources as to
          certain factual matters, all as stated in the legal opinion dated September 7, 2018, which has been filed as Exhibit 5.2 to RBC’s Form 6-K dated September 7, 2018.

Terms Incorporated in Master Global Security

The terms appearing under the captions “Summary—Terms of the Notes” and “Summary—Redemption Amount Determination” on page TS-2 above, the pricing date, settlement date and maturity date appearing on the
          cover page, and the applicable terms included in the documents listed under “Summary” on page TS-2 are incorporated into the master global security that represents the notes and is held by The Depository Trust Company.

Where You Can Find More Information

We have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates.  Before you invest, you should read the Note Prospectus, including
        this term sheet, 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, we,
        any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.

“Accelerated Return Notes®” and “ARNs® are registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

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