Final Terms dated 17 July, ROYAL BANK OF CANADA (a Canadian chartered bank)

Transkript

1 Final Terms dated 17 July, 2015 ROYAL BANK OF CANADA (a Canadian chartered bank) Issue of SEK TBC Capital Protected Equity Linked Redemption Notes Linked to a Basket of Equities due July 2020 under the Programme for the Issuance of Securities Any person making or intending to make an offer of the Notes may only do so: (i) (ii) in those Non-Exempt Jurisdictions mentioned in Paragraph 13 (f) of Part B below, provided such person is a Dealer or Authorised Offeror (as such term is defined in the Base Prospectus) and that such offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or otherwise circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions ) set forth in the Structured Securities Base Prospectus dated 29 July, 2014 and the supplemental prospectuses dated 23 September, 2014, 26 November, 2014, 6 January, 2015, 3 February, 2015 and 31 March, 2015 which together constitute a base prospectus (the "Base Prospectus"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Notes (which comprises the summary in the Base Prospectus as completed to reflect the provisions of -1-

2 these Final Terms) is annexed to these Final Terms. The Base Prospectus has been published on the website of the Irish Stock Exchange ( the Central Bank of Ireland ( and the Issuer (rbccm.com/privatebanksolutions) and copies may be obtained from the offices of the Issuer, Royal Bank Plaza, 200 Bay Street, 8th Floor, South Tower, Toronto, Ontario, Canada and the offices of the Issuing and Paying Agent, One Canada Square, London E14 5AL, England. By investing in the Notes each investor represents that: (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to invest in the Notes and as to whether the investment in the Notes is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the Issuer or any Dealer as investment advice or as a recommendation to invest in the Notes, it being understood that information and explanations related to the Conditions of the Notes shall not be considered to be investment advice or a recommendation to invest in the Notes. No communication (written or oral) received from the Issuer or any Dealer shall be deemed to be an assurance or guarantee as to the expected results of the investment in the Notes. (b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and the risks of the investment in the Notes. It is also capable of assuming, and assumes, the risks of the investment in the Notes. (c) Status of Parties. Neither the Issuer nor any Dealer is acting as fiduciary for or adviser to it in respect of the investment in the Notes. 1. Issuer: Royal Bank of Canada Branch of Account / Branch: London Branch 2. (i) Series Number: (ii) Tranche Number: 1 3. Specified Currency or Currencies: (Condition 1.12) SEK 4. Aggregate Principal Amount: SEK TBC (i) Series: SEK TBC (ii) Tranche: SEK TBC 5. Issue Price: 110% of the Aggregate Principal Amount 6. (a) Specified Denominations: (Condition 1.10, 1.11 or 1.11a) SEK 10,000 (b) Calculation Amount: SEK 10,000-2-

3 (c) Minimum Trading Size: 7. (i) Issue Date: 17 July, 2015 (ii) Interest Commencement Date Issue Date 8. Maturity Date: 21 July, Interest Basis: Non-Interest Bearing 10. (a) Redemption Basis: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at their Final Redemption Amount specified in item 24 below Non-Exempt Reference Item Linked Redemption Notes Equity Linked Redemption (b) Protection Amount: 11. Change of Interest Basis: 12. Put Option/ Call Option/ Trigger Early Redemption: Date [Board] approval for issuance of Notes: Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Provisions (Condition 4.02/4.02a) 16. Floating Rate Note Provisions (Condition 4.03) 17. Zero Coupon Note Provisions 18. Reference Item Linked Interest Notes PROVISIONS RELATING TO REDEMPTION 19. Call Option (Condition 5.03) 20. Put Option (Condition 5.06) 21. Notice periods for Early Redemption for -3-

4 Taxation Reasons: (i) Minimum period: (ii) Maximum period: 30 days 60 days 22. Notice periods for Redemption for Illegality: (i) Minimum period: (ii) Maximum period: 23. Trigger Early Redemption (Condition 5.08 and Condition 30.02) 30 days 60 days 24. Final Redemption Amount As per item 27 below 25. Early Redemption Amount (i) Early Redemption Amount(s) payable on redemption for taxation reasons, illegality or on event of default or other early redemption (including, in the case of Index Linked Notes, following an Index Adjustment Event in accordance with Condition 7, or in the case of Equity Linked Notes, following a Potential Adjustment Event and/or De-listing and/or Merger Event and/or Nationalisation and/or Insolvency and/or Tender Offer in accordance with Condition 8, or in the case of Equity Linked Notes, Index Linked Notes or Fund Linked Notes (involving ETFs), following an Additional Disruption Event (if applicable) (if required): As per Condition 5.09 (ii) Early Redemption Amount includes amount in respect of accrued interest: Yes: no additional amount in respect of accrued interest to be paid PROVISIONS RELATING TO REFERENCE ITEM LINKED NOTES 26. Settlement Method Whether redemption of the Notes will be by (a) Cash Settlement or (b) Physical Delivery: 27. Final Redemption Amount for Reference Item Linked Notes Cash Settlement See this item 27 and Condition 30.01, as completed by items 32 and 35 below -4-

5 (i) (ii) (iii) (iv) (v) Capital Barrier Event: Put Strike Event: Mini-Future Short Redemption Notes: IndiCap Redemption Notes: Himalayan Redemption Notes: Final Redemption Amount 3 Final - Initial Level: Applicable (vi) Monitoring Date(s): (vii) Relevant Monitoring Date(s): (viii) Initial Monitoring Date(s): (ix) Relevant Initial Monitoring Date(s): Valuation Date Monitoring Date (x) Capital Barrier Level: (xi) Put Strike Level: (xii) Initial Valuation: Initial Valuation 2 (xiii) Relevant Valuation: Relevant Valuation 2 (xiv) Relevant Reference Performance: (xv) Floor: (xvi) F: (xvii) K: (xviii) LC: (xix) LF: (xx) Cap: Basket Relevant Reference Performance Zero (xxi) P%: 100% (xxii) X%: 1.15 x FX Settlement / FX Strike, (indicatively, minimum 0.90 x FX Settlement / FX Strike) -5-

6 (xxiii) Y%: (xxiv) Y2% (xxv) X1%: (xxvi) X2%: (xxvii) K1%: (xxviii) K2%: (xxiv) Preference Share Linked Notes: 28. Multi-Reference Item Linked Notes 29. Currency Linked Note Provisions 30. Commodity Linked Note Provisions 31. Index Linked Note Provisions (Equity Indices only) 32. Equity Linked Note Provisions Applicable (i) Whether the Notes relate to a Basket of Equities or a single Equity and the identity of the Equity Issuer(s): Basket of Equities (a) Equity/Equities: Existing ordinary shares of the Equity Issuer (b) Equity Issuer: Equity 1: AT&T INC (Bloomberg code: T UN) Equity 2: BAXTER INTERNATIONAL INC (Bloomberg code: BAX UN) Equity 3: CENTURYLINK INC (Bloomberg code: CTL UN) Equity 4: PEPCO HOLDINGS INC (Bloomberg code: POM UN) Equity 5: PEPSICO INC (Bloomberg code: PEP UN) Equity 6: ALTRIA GROUP INC. (Bloomberg code: MO UN) Equity 7: THE PROCTER & GAMBLE CO (Bloomberg code: PG UN) Equity 8: The SOUTHERN CO. (Bloomberg -6-

7 code: SO UN) Equity 9: VERIZON COMMUNICATIONS INC (Bloomberg code: VZ UN) Equity 10: MERCK & CO. INC (Bloomberg code: MRK UN) (c) ISIN/Common Code: Equity 1: US00206R1023 Equity 2: US Equity 3: US Equity 4: US Equity 5: US Equity 6: US02209S1033 Equity 7: US Equity 8: US Equity 9: US92343V1044 Equity 10: US58933Y1055 (ii) Observation Period(s): (iii) Observation Date(s): (iv) Averaging Date(s): Valuation Date (v) Valuation Date(s): 8 July, August, September, October, November, December, January, February, March, April,

8 8 June, July, 2020 (vi) Valuation Time: (vii) Specified Price: (viii) Common Disrupted Days: (ix) Initial Price: Condition 8.05 applies Closing Price Applicable Equity 1: USD TBC Equity 2: USD TBC Equity 3: USD TBC Equity 4: USD TBC Equity 5: USD TBC Equity 6: USD TBC Equity 7: USD TBC Equity 8: USD TBC Equity 9: USD TBC Equity 10: USD TBC (x) Trade Date: 22 May, 2015 (xi) Potential Adjustment Events: (xii) De-listing: (xiii) Merger Event: (xiv) Nationalisation: (xv) Insolvency: (xvi) Tender Offer: (xvii) Additional Disruption Events: Applicable Applicable Applicable Applicable Applicable Applicable Applicable Change in Law Hedging Disruption Increased Cost of Hedging Insolvency Filing -8-

9 (xviii) Equity Substitution: (xix) Exchange(s): Applicable Equity 1: New York Stock Exchange Equity 2: New York Stock Exchange Equity 3: New York Stock Exchange Equity 4: New York Stock Exchange Equity 5: New York Stock Exchange Equity 6: New York Stock Exchange Equity 7: New York Stock Exchange Equity 8: New York Stock Exchange Equity 9: New York Stock Exchange Equity 10: New York Stock Exchange (xx) Related Exchange(s): (xxi) Exchange Rate: All Exchanges USD-SEK X-RATE (the number of USD per SEK), calculated and rounded to 4 decimals by dividing the number A) with the number (B) A) The daily EUR-SEK fixing published on Reuters page ECB37 around 14:15 CET B) The daily EUR-USD fixing published on Reuters page ECB37 around 14:15 CET (xxii) Partial Lookthrough Depositary Receipt Provisions: (xxiii) Full Lookthrough Depositary Receipt Provisions: (xxiv) Hedging Entity: (xxv) Weighting or w: Equity 1: 10% Equity 2: 10% Equity 3: 10% Equity 4: 10% -9-

10 Equity 5: 10% Equity 6: 10% Equity 7: 10% Equity 8: 10% Equity 9: 10% Equity 10: 10% 33. Fund Linked Note Provisions (ETF) 34. Non-Exempt Physical Delivery Notes GENERAL PROVISIONS APPLICABLE TO THE NOTES 35 (i) New Global Note: No (ii) Form of Notes: 35. Financial Centre(s) or other special provisions relating to payment dates: Swedish Notes Stockholm 36. Relevant Renminbi Settlement Centre 37. Talons for future Coupons to be attached to Definitive Notes: (Condition 1.06) No 38. Name and address of Calculation Agent: RBC Capital Markets, LLC One Liberty Plaza 165 Broadway New York, NY USA 39. Name and address of RMB Rate Calculation Agent 40. Issuer access to the register of creditors (Sw. skuldboken) in respect of Swedish Notes: 42. Exchange Date: On or after 40 calendar days following the Issue Date 43. The Aggregate Principal Amount of the Notes issued has been translated into U.S. dollars at the rate of U.S.$1.00 = [], producing a sum of: 44. Governing law of Notes (if other than the laws English Law -10-

11 of the Province of Ontario and the federal laws of Canada applicable therein): -11-

12 RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. [(Specify third party information) has been extracted from (specify source)]. [The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain [from information published by (specify source)], no facts have been omitted which would render the reproduced information inaccurate or misleading.] Signed on behalf of the Issuer: By:... Duly authorised By:... Duly authorised -12-

13 PART B OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING Listing/Admission to trading: Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on NASDAQ OMX Stock Exchange and, if relevant, listing on an official list of NASDAQ OMX Stock with effect from the Issue Date 2. RATINGS Ratings: 3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE The Issue Price may include a fee or commission payable to a distributor or third party. Such fee or commission will be determined by reference to a number of factors including but not limited to the maturity date of the Notes, hedging costs and legal fees. Further details in respect of the fee or commission are available upon request. 4. OPERATIONAL INFORMATION (i) ISIN: SE (ii) Common Code: (iii) Any clearing system(s) other than Euroclear and Clearstream Luxembourg, their addresses and the relevant identification number(s): (iv) Delivery: (v) Name(s) and address(es) of Initial Paying Agents, Registrar and Transfer Agents: (vi) Names and addresses of additional Paying Agent(s), Registrar and Transfer Agents (if any): (vii) Intended to be held in a manner which would allow Eurosystem eligibility: TBC Euroclear Sweden Delivery against payment Paying Agent: Skandinaviska Enskilda Banken AB (publ) Euroclear Sweden -13-

14 (i) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it: An offer of the Notes may be made by: Exceed Capital Sverige AB Kungsgatan Stockholm Sweden being persons to whom the issuer has given consent, the "Authorised Offeror") other than pursuant to Article 3(2) of the Prospectus Directive in Sweden (the "Public Offer Jurisdictions") (j) General Consent (k) Offer Authorised Offeror Terms: -14-

15 the settlement arrangements in respect thereof. The Notes will be issued on the Issue Date against payment to the Issuer of the net subscription moneys Manner and date in which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of subscription rights not exercised: Categories of potential Investors to which the Notes are offered and whether tranche(s) have been reserved for certain countries: Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: The final issue size will be displayed on Bloomberg under the relevant ISIN code within 48 hours of the Issue Date. This tranche of Note has been reserved for issuance with respect to Swedish investor(s) only. -15-

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17 proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary, including any translation of it, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of this Base Prospectus or it does not provide, when read together with the other parts of this Base Prospectus, key information in order to aid investors when considering whether to invest in such Securities. A.2 Consent as to use the Base Prospectus, period of validity and other conditions attached Certain Tranches of Securities with a denomination of less than EUR 100,000 (or its equivalent in any other currency) may be offered in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus. Any such offer is referred to as a "Non-exempt Offer". A Non-Exempt Offer Applies Consent: Subject to the conditions set out below, the Issuer consents to the use of this Base Prospectus in connection with a Non-exempt Offer of Securities by Svenska Garantiprodukter AB (an "Authorised Offeror") whose name is published on the website of the Regulatory News Service operated by the London Stock Exchange at under the name of the Bank and the -17-

18 Offer period: The Issuer's consent referred to above is given for Non-exempt Offers of Securities during 11 May, June, 2015 (the "Offer Period"). Conditions to consent: The conditions to the Issuer's consent (in addition to the conditions referred to above) are that such consent (a) is only valid during the Offer Period; and (b) only extends to the use of this Base Prospectus to make Non-exempt Offers of the Relevant Tranche of Securities in Sweden. AN INVESTOR INTENDING TO PURCHASE OR PURCHASING ANY SECURITIES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH SECURITIES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE OFFER IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING ARRANGEMENTS IN RELATION TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT. THE RELEVANT INFORMATION WILL BE PROVIDED BY THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER -18-

19 supervision and regulation in most of the jurisdictions in which particularly in the areas of funding, liquidity, capital adequacy and regulation. B.5 Description of the Group B.9 Profit forecast or estimate B.10 Audit report qualifications Royal Bank of Canada and its subsidiaries (are referred to as the "RB Royal Bank of Canada is the ultimate parent. Not applicable No profit forecasts or estimates have been made Prospectus. Not applicable - The audit reports on historical financial informat qualified. B.12 Selected historical key financial information: With the exception of the figures for return on common equity, information in the tables the years ended October 31, 2013 and 2012 and for the quarters ended April 30, 2014 have been extracted from the Issuer s 2013 Audited Consolidated Financial Statement defined below), the Issuer s Second Quarter 2014 Unaudited Interim Condensed Cons Financial Statements (as defined below) or calculated internally, all of which have been in accordance with International Financial Reporting Standards as issued by the Intern Accounting Standards Board and are incorporated by reference in this Base Prospectu amounts under return on common equity have been extracted from the Issuer's Secon 2014 Report to Shareholders, 2013 Annual Report or calculated internally: -19-

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21 Non-interest expense 4,326 4,009 16,194 16,227 14,473 15,1 Net income from continuing operations 2,201 1,909 8,342 8,429 7,558 7,59 Net loss from discontinued operations (51) (51 Net Income 2,201 1,909 8,342 8,429 7,507 7,53 Earnings per share basic $1.47 $1.26 $ $ diluted $1.47 $1.25 $ $ Earnings per share from continuing operations basic $1.47 $1.26 $5.53 $5.60 $4.99 $5 diluted $1.47 $1.25 $5.49 $5.54 $4.94 $4 Return on common equity Return on common equity from continuing operations 19.1% 18.7% 19.7% 19.4% 19.6% % 18.7% 19.7% 19.4% 19.7%

22 global basis. The Bank employs approximately 79,000 full an employees who serve more than 16 million personal, business, public institutional clients through offices in Canada, the U.S. and 42 other c The Bank's principal activities are Personal & Commercial Bank Management, Insurance, Investor & Treasury Services and Capital M Personal & Commercial Banking comprises personal and busine operations, as well as certain investment businesses in Canada, the and the U.S. Wealth Management serves affluent, high net worth and ultra hig clients from the Bank s offices in key financial centres mainly in C U.S., the U.K., continental Europe and Asia with a comprehens investment, trust, banking, credit and other wealth management solu Bank also provides asset management products and services institutional and individual clients as well as through the Bank's channels and third-party distributors. Insurance offers insurance products and services through the Bank's distribution channels, comprised of the field sales force which inc insurance branches, field sales representatives, call centers and on as through independent insurance advisors and affinity relationships Outside North America, the Bank operates in reinsurance markets glo Investor & Treasury Services serves the needs of institutional investin providing custodial asset servicing, advisory, financing and other -22-

23 debt), A-1+ (short-term debt) and A - (preferred shares) 1, each w outlook, by Standard & Poor s Financial Services LLC ( S&P USA ); ( term senior debt), AA- (subordinated debt) and F1+ (short-term debt a stable outlook, by Fitch Inc.; and (iv) AA (long term senior deb (subordinated debt), R-1 (high) (short-term debt) and Pfd-1 (low shares) 1, each with a stable outlook, by DBRS Limited. ( DBRS ). On October 23, 2013, Kroll Bond Rating Agency ( KBRA ), a register Recognized Statistical Rating Organization with the SEC, assigned senior long-term and short-term debt and deposit ratings of AA respectively, with a stable outlook. KBRA was requested to rate a MBS multi-borrower transaction where the Issuer was one of four interest rate cap providers. Given KBRA s policy to rate all p transaction, it was required to issue a rating on the Issuer. These r unsolicited and the Issuer did not participate in the rating process. Securities issued under the Programme may be rated or unrated by more of the rating agencies referred to above or their affiliates. Tranche of Securities is rated, such rating will not necessarily be the s rating assigned to the Issuer referred to above or any other Securi issued under the Programme. A security rating is not a recommendation to buy, sell or hold securiti be subject to revision or withdrawal at any time by the assigning rating - No ratings have been assigned to the Securities at of or with the co-operation of the Issuer in the rating process. -23-

24 linked interest notes, equity linked interest notes, index linked int fund linked interest notes, non-interest bearing notes, curre redemption notes, commodity linked redemption notes, equity linked notes, index linked redemption notes, fund linked redemption notes share linked notes, may redeem at par or a percentage of par or combination of the foregoing. Notes may be cash settled or, in the case of equity linked redempt fund linked redemption notes, physically settled. W&C Securities may be index linked W&C Securities, currency l Securities, fund linked W&C Securities, commodity linked W&C equity linked W&C Securities, may (in the case of Warrants) be dua may pay additional amounts or may be a combination of any of the f in the case of Warrants, may be interest rate linked. W&C Securities may be cash settled or, in the case of equity lin linked W&C Securities, physically settled. Warrants and Exercisable Certificates may be American style, Eur or open-ended. The security identification number of the Securities will be set out in Final Terms. The securities are SEK TBC Capital Protected Notes linked to a -24-

25 Dubai International Financial Centre), Dubai International Finan Singapore and Bahrain and under the Prospectus Directive and the jurisdiction in which the relevant Securities are offered or sold. C.8 Rights attaching to the Securities, including ranking and limitations on these rights Securities issued under the Programme will have terms and conditi to, among other matters: Status (Ranking) Securities will constitute unsubordinated and unsecured obligat Issuer and will rank pari passu without any preference amongst them under the Canada Deposit Insurance Corporation Act (Canada). Meetings The terms of the Securities will contain provisions for calling meeting of such Securities to consider matters affecting their interests gener provisions permit defined majorities to bind all holders, including h did not attend and vote at the relevant meeting and holders who manner contrary to the majority and (other than for Swedish Notes for consents to be provided by written resolution or electronically. C.9 Interest/redemp Interest and Additional Amounts -25-

26 The terms under which Exercisable Certificates and Warrants may b and settled (including the exercise date, the settlement date and which they will be exercised and settled, as well as any provisions early exercise or cancellation) will be agreed between the Issu relevant Dealer at the time of issue of the relevant Exercisable Ce Warrants. Issue Price: 110 per cent of the Aggregate Principal Amount. Issue Date: 17 July, 2015 Calculation Amount: SEK 10,000 Maturity Date: 21 July, 2020 The Calculation Agent under the Securities is RBC Capital Markets, LLC One Liberty Plaza 165 Broadway New York, NY USA -26-

27 The Securities may also be terminated early at the Early Redemption take into account events in relation to the Reference Item or S described below. The "Early Redemption Amount" will be an amount calcula Calculation Agent equal to the fair market value of a Security less un Interest These securities do not bear interest Definitions -27-

28 Exchange means, in relation to each component security inclu Reference Item (each a Component Security ), the principal stoc on which such Component Security is principally traded, as determ Calculation Agent. Exchange Rate means the USD-SEK X-RATE (the number of US calculated and rounded to 4 decimals by dividing the number number (B) C) The daily EUR-SEK fixing published on Reuters page EC 14:15 CET D) The daily EUR-USD fixing published on Reuters page EC 14:15 CET Final Level means in respect of a Reference Item, the arithmetic its Reference Levels on the Final Valuation Dates as detailed in the (calculated in accordance with the following formula): Floor means zero FX Rate means the Exchange Rate FX Strike means the FX Rate on the Initial Valuation Date FX Settlement means the FX on a Euro Settlement Date one day a Valuation Date, subject to adjustment in accordance with the Followi -28-

29 Equity 8: USD TBC Equity 9: USD TBC Equity 10: USD TBC Initial Valuation means: Initial Valuation 2 Initial Valuation 2 means the arithmetic average of the Reference in respect of a Reference Item and the Initial Monitoring Dates in re Relevant Monitoring Date "Initial Valuation Date" means 7 July, 2015 Memory Feature P means 100% "Reference Item Level" means the Reference Price "Reference Level" means the official closing level of the Reference Reference Item means the Equity Basket, comprising of: Equity 1: AT&T INC (Bloomberg code: T UN) Equity 2: BAXTER INTERNATIONAL INC (Bloomberg code: BAX UN -29-

30 "Relevant Valuation" means: Relevant Valuation 2 "Relevant Valuation 2" means the arithmetic average of the Refe Levels in respect of a Reference Item and the Monitoring Dates in re Relevant Monitoring Date Scheduled Trading Day any day on which (i) the Index Sponsor is to publish the level of the Reference Item and (ii) each Related Exch scheduled to be open for trading for its regular trading session. If Final Initial Level does not apply: (a) for the purposes of a Capital Barrier Event: Relevant Valuation in respect of the Relevant Monitoring Da (b) for other purposes: Relevant Valuation in respect of the Relevant Monitoring D Valuation, if applicable, in respect of the Relevant Initial Date. If Final Initial applies: Relevant Valuation in respect of the Relevant Monitoring Date / Initia if applicable, in respect of the Relevant Initial Monitoring Date. -30-

31 7 April, May, June, July, 2020 "Valuation Time" means: Condition 8.05 applies Weighting means: Equity 1: 10% Equity 2: 10% Equity 3: 10% Equity 4: 10% Equity 5: 10% Equity 6: 10% Equity 7: 10% Equity 8: 10% Equity 9: 10% Equity 10: 10% -31-

32 or admission to trading. The Issuer is not under any obligation to maintain any listing of the Securities. Application has been made by the Issuer (or on its behalf) for the admitted to trading on NASDAQ OMX Stock Exchange C.15 How the value of the investment is affected by the value of the underlying assets The Interest Amount and the Final Redemption Amount (in each c payable in respect of the Securities is calculated by reference to the Item. The effect that this may have on the Securities is shown in t table which sets out illustrative values of the amounts that may depending on the performance of the Reference Item: Final Performance of the Basket Payoff 0% 100% 10% 100% 20% 100% 30% 100% 40% 100% 50% 100% 60% 100% 70% 100% 80% 100% 90% 100% -32-

33 C.17 Settlement procedure of derivative securities Securities will be cash settled. The Securities will be settled on the applicable Settlement Date, Date or Maturity Date at the relevant amount per Security or, applicable in the case of equity linked redemption notes or redemption notes, by delivery of an amount of the relevant assets and in the case of Warrants or Exercisable Certificates, following due C.18 Description of how the return on derivative securities takes place C.19 Final reference price of the Underlying See item C.15 and item C.10 above for the return on the Securities. These Securities are derivative securities and their value may go d as up. See item C.9 above for the final reference price of the Underlying. C.20 Underlying The Reference Item specified in Element C.9 above. -33-

34 the Dodd-Frank Enhanced Supervision of Foreign Banking Or pursuant to sections 165 and 166 of the Dodd-Frank Act, which a would require the Issuer to re-organize all of the Issuer s U.S. ban bank subsidiaries into a separately capitalized U.S. holding compa which U.S. prudential regulations for capital, liquidity and enhanced would apply; (iii) the Volcker Rule under the Dodd-Frank Act, which Issuer s global capital markets activities and funding activities; (i counter derivativesreforms, which will affect the Issuer s wholesa business; (v) changes to the payments systems in Canada, which implications for the Issuer from technological systems, opera regulatory perspectives and could have adverse implications for revenues and business strategies; (vi) the U.S. Foreign Ac Compliance Act (FATCA), which will impact the Issuer s operatio increase the Issuer s reporting, data collection, systems technology, compliance costs; and (vii) regulatory reform in the U.K. and Eu could cause the Issuer to incur higher operational and system potential changes in the types of products and services the Issue clients. High levels of Canadian household debt: Growing Canadian hou levels and elevated housing prices are resulting in increasing vul external risk factors. In an increasing interest rate environment the d capacity of Canadian consumers will be negatively impacted. The of increasing unemployment, rising interest rates and a downturn in markets would pose a risk to the credit quality of the Issuer's re portfolio and may negatively affect the Issuer. -34-

35 reputation. Market Risk: Market risk is defined to be the potential loss due to market determined variables such as interest rates, credit spre prices, commodity prices, foreign exchange rates and implied volat of the market risks that have a direct impact on the Issuer's earn from the Issuer's trading activities, where it acts primarily as a marke Liquidity and Funding Risk: Liquidity and funding risk (liquidity ris that the Issuer may be unable to generate or obtain sufficient equivalent in a timely and cost-effective manner to meet its comm they come due (including the Securities). The nature of banki inherently exposes the Issuer to various types of liquidity risk. common sources of liquidity risk arise from mismatches in the timin of cash inflows and outflows, both from on and off-balance sheet ex the Issuer s core funding comprises capital, longer -term wholesa and a diversified pool of personal and, to a lesser extent, comm institutional deposits, a lowering of the Issuer s credit ratings potentially adverse consequences for the Issuer s funding capacity o capital markets, may affect its ability, and the cost, to enter into no derivatives or hedging transactions and may require it to pos collateral under certain contracts, any of which may have an adver its results of operations and financial condition. D.3 Key information on the key risks Securities may involve a high degree of risk. There are certain factor material for the purpose of assessing the market risks associated w -35-

36 Securities (including Index Linked Securities, Equity Linked Securitie Linked Securities, Fund Linked Securities, Preference Share Linked Commodity Linked Securities), other risks include market disruption of relevant Reference Items, settlement disruption, expenses r Physical Delivery, hedging and other potential conflicts of interest, ta binding modifications by specified majorities at meetings or (oth Swedish Notes) in written resolutions or electronic consents, Can laws, early redemptions, possible illiquidity of the Securities, exc risks, credit ratings, no obligation to maintain listing, time lag betwe of W&C Securities and determination of amounts payable, absenc determined expiration date for Open-Ended W&C Securities, the m of the Securities will be affected by the creditworthiness of the holders of W&C Securities must pay all expenses, including taxes the W&C Securities (subject to the Issuer's gross up obligation in Certificates that evidence deposit liabilities), the Issuer has no o gross up in respect of withholding tax applicable to Warrants or Cer are not deposits and Securities may be subject to write-off, wr conversion under current and proposed Canadian resolution powers. Securities denominated in Renminbi are subject to additional risks; R not freely convertible or transferable and there are significant restrict remittance of Renminbi into and outside the People's Republic of Ch (excluding Hong Kong, Macao Special Administrative Region of the P Republic of China and Taiwan) (the "PRC") which may adversely affe liquidity of Securities denominated in Renminbi; there is only limited a of Renminbi outside the PRC, which may affect the liquidity of such S and the Issuer's ability to source Renminbi outside the PRC to servic -36-

37 the Issue Price of the Securities may be more than the m of such Securities as at the Issue Date, and the p Securities in secondary market transactions; if the relevant Securities include leverage, potential hold Securities should note that these Securities will invol level of risk, and that whenever there are losses such be higher than those of a similar security which is no Investors should therefore only invest in leveraged Secu fully understand the effects of leverage; Warrants and Exercisable Certificates may expire w addition, where "Automatic Exercise" is not speci applicable Final Terms, if any Warrants or Exercisable are not exercised by the investor on the applicable ex an investor s investment in such Warrants or Certificates will expire worthless; and in the event of the insolvency of the Issuer or if it i unable or unwilling to make payments and/or deliveries i the Securities when due, an investor may lose all or investment in the Securities. -37-

38 Netherlands, Portugal, Spain, Sweden and the United Kingdom. The terms and conditions of each offer of Securities will be det agreement between the Issuer and the relevant Dealer(s) at the ti and specified in the applicable Final Terms. An Investor intending or purchasing any Securities in a Non-exempt Offer from an Author will do so, and offers and sales of such Securities to an Invest Authorised Offeror will be made, in accordance with the terms conditions of the offer in place between such Authorised Offero Investor including arrangements in relation to price, allocations, ex settlement arrangements. The issue price of the Securities is 110 per cent. of their principal am E.4 Interest of natural and legal persons involved in the issue/offer The relevant Dealer(s) may be paid fees in relation to any issue o under the Programme. Any such Dealer and its affiliates may engaged, and may in the future engage, in investment bank commercial banking transactions with, and may perform other serv Issuer and its affiliates in the ordinary course of business. Save for any fees payable to the Dealer and, so far as the Issuer i person involved in the offer of the Securities has an interest material E.7 Estimated expenses charged to the investor by the It is not anticipated that the Issuer will charge any expenses to connection with any issue of Securities under the Programme. -38-

39 Avsnitt A Inledning och varningar Del Rubrik A.1 Varning om att sammanfattnin gen ska läsas som en introduktion och möjlighet till krav A.2 Medgivande att använda Basprospektet, giltighetsperiod, och andra Denna sammanfattning ska läsas som en introduktion till Basprospektet. Varje beslut om att investera i Värdepapper ska baseras på investerarens betraktelse av Basprospektet som en helhet. Där ett krav som rör informationen i Basprospektet tas upp i domstol, kan den kärande investeraren, under den nationella lagstiftningen som föreligger i den Medlemsstat där kravet tas upp, bli tvungen att bära kostnaderna för översättningen av Basprospektet innan domstolsprocessen påbörjas. Civilrättsligt ansvar åvilar enbart de personer som har lagt fram denna sammanfattning inklusive varje översättning därav, men enbart om sammanfattningen är missvisande, inkorrekt eller inkonsekvent när den läses tillsammans med de övriga delarna av Basprospektet eller om den inte upptar, när den läses tillsammans med de övriga delarna av Basprospektet, nyckelinformation för att hjälpa investerare när de överväger om de skall investerar i sådana Värdepapper. Vissa Trancher av Värdepapper med värde mindre än EUR 100,000 (eller dess motsvarighet i annan valuta) kan erbjudas under omständigheter där det inte finns undantag från krav på att offentliggöra prospekt enligt prospektdirektivet. Alla sådana erbjudanden kallas Icke-undantaget Erbjudande. -39-

40 information): "Vi, RBC Europe Limited, hänvisar till Erbjudandet av SEK TBC Capital Protected Notes due 2020 linked to a Basket of Equities ("Värdepappren") beskrivna i de Slutliga Villkoren daterade 17 juli 2015 ("de Slutliga Villkoren") publicerade av the Royal Bank of Canada ("Emittent"). Med beaktande av Emittentens erbjudande om att ge sitt medgivande till att vi får använda Basprospektet (såsom det definieras i de Slutliga Villkoren) i anslutning till erbjudandet om Värdepappren i Sverige ("Erbjudande") under Erbjudandeperioden och i enlighet med övriga villkor för sådant medgivande, samtliga angivna i Basprospektet, accepterar vi härmed Emittentens erbjudande i enlighet med Villkoren för Auktoriserade Erbjudare (såsom det definieras i Basprospektet) och bekräftar att vi använder Basprospektet i enlighet därmed. Erbjudandeperiod: Emittentens medgivande enligt ovan avser Ickeundantagna Erbjudanden av Värdepapper under 11 maj juni 2015 ("Erbjudandeperiod"). Villkor för medgivande: Villkoren för Emittentens medgivande är (i tillägg till ovan angivna) att sådant medgivande (a) enbart är giltigt under Erbjudandeperioden; och (b) enbart avser användandet av detta Basprospekt för Icke-undantagna Erbjudanden avseende den Relevanta Tranchen av Värdepapper i Sverige. -40-

41 Avsnitt B - Emittent Del Rubrik B.1 Juridiskt och kommersiellt namn på Emittenten B.2 Hemvist/ juridisk form/ lagstiftning/ Royal Bank of Canada, London Branch ("Banken" eller "Emittenten"). Emittenten är inkorporerad och har sin hemvist i Kanada och är en Schedule 1 bank enligt the Bank Act (Kanada) vilket utgör dess stadgar. B.4b landet för inkorporering Information om trend Miljön för bankverksamhet och de marknader i vilka Emittenten bedriver sin verksamhet kommer att fortsätta vara starkt påverkade av utvecklingen i Kanada, USA och de europeiska ekonomierna samt globala kapitalmarknader. Som för andra finansiella tjänsteleverantörer, fortsätter Emittenten att möta ökad övervakning och reglering i de flesta jurisdiktioner som den bedriver verksamhet, särskilt i områdena för kapitaltillskott, likviditet, kapitaltäckning och prudential regulation. -41-

42 Avkastningsbeloppen på gemensamt kapital har hämtats från Emittentens Andra Kvartalsrapport för 2014 till Aktieägare, Årsredovisningen 2014 eller beräknas internt: -42-

43 Underordnade skuldförpliktelser Trust capital värdepapper Preferensaktieskulder Minioritetsinnehav i dotterbolag Bundet eget kapital Förkortad konsoliderad resultaträkning Kvartal som slutade 30 april 2014 Kvartal som slutade 30 april 2013 (omräknat) År som slutade 31 oktober 2013 (omräknat) År som slutade 31 oktober 2013 (offentligg jort) År som slutade 31 oktober 2012 (omräknat) År som slutade 31 oktober 2012 (offentli ggjort) (i mljoner Kanadensiska dollar förutom per aktie och procentangivelser) Netto ränteintäkt Ej räntebärande intäkt

44 verksamheten bas utspädd Avkastning på gemensamt eget kapital Avkastning på gemensamt eget kapital från den löpande verksamheten $1,47 $1,26 $5,53 5,60 $4,96 4,98 $1,47 $1,26 $5,53 5,60 $4,96 4,98 19,1% 18,7% 19,7% 19,4% 19,6% 19,3% 19,1% 18,7% 19,7% 19,4% 19,7% 19,5% Uttalanden om ingen väsentlig eller materiellt negativ förändring Sedan 30 april 2014 har det inte förekommit någon väsentlig ändring av Emittentens finansiella ställning eller vad gäller handeln av Emittenten och dess dotterbolag sett till helheten. B.13 Händelser som påverkar Emittentens betalningsförmåg a Ej tillämpligt Det finns inga särskilda nyliga händelser hos Emittenten som i materiell utsträckning är relevant för värderingen av Emittentens betalningsförmåga. -44-

45 Treasury Tjänster samt Kapitalmarknad. Privata & Kommersiella Banktjänster omfattar privata och kommersiella banktjänster, likväl som särskilda investeringsverksamheter i Kanada, Karibien och USA. Kapitalförvaltningstjänster bistår förmögna, high-net-worth och ultra-high-net-worth-kunder från Bankens kontor i nyckelfinanscenter huvudsakligen i Kanada, USA, Storbritannien, Kontinentaleuropa och Asien med en uppsättning av fullskalig placerings-, förvaltnings-, bank, kredit och andra förmögenhetsförvaltningslösningar. Banken tillhandahåller även kapitalförvaltningsprodukter och tjänster direkt gentemot institutionella och individuella kunder likväl som genom Bankens distributionskanaler och tredjepartsdistributörer. Försäkring erbjuder försäkringsprodukter och tjänster genom Bankens egna distributionskanaler som omfattar säljstyrkan ute på fältet som i sin tur inkluderar avdelningar inom försäkringsdetaljhandel, fältsäljarrepresentanter, callcenter och online, samt oberoende försäkringsrådgivare och intressegemenskapsförhållanden i Kanada. Utanför Nordamerika verkar Banken globalt inom återförsäkring. Investerar & Treasury Tjänster bistår behov hos institutionella investeringskunder genom att tillhandahålla depåtjänster, förmyndar-, rådgivnings-, finansierings- och andra tjänster för att skydda tillgångar, maximera likviditet och hantera risk i flera -45-

46 stabil framtidsutsikt, av Moody s Investors Services, Inc. ( Moody s USA ); (ii) AA- (långfristig prioriterad skuld), A (efterställd skuld), A- 1+ (kortfristig skuld) och A (preferensaktie) 1, envar med en stabil framtidsutsikt, av Standard & Poor s Financial Services LLC ( S&P USA ); (iii) AA (långfristig prioriterad skuld), AA- (efterställd skuld) och F1+ (kortfristig skuld), envar med en stabil framtidsutsikt, av Fitch Inc.; och (iv) AA (långfristig prioriterad skuld), AA (låg) (efterställd skuld), R-1 (hög) (kortfristig skuld) och Pfd-1 (låg) (preferensaktie) 1, envar med en stabil framtidsutsikt, av DBRS Limited ( DBRS ). -46-

47 En värdepappersvärdering är inte en rekommendation att köpa, sälja eller inneha värdepapper och kan bli föremål för revision eller tillbakadragande vid vilket tillfälle som helst av värderingsinstitutet. Ej tillämplig - Ingen värdering har blivit gjord av Värdepappren på begäran av eller i samarbete med Emittenten inom värderingsprocessen. Avsnitt C Värdepapper Del Rubrik C.1 Typ och klass på Värdepappre n/ ISIN Värdepapprena som är beskrivna i detta kapitel är värdepapper vars värde eller (i fallet med W&C Värdepapper) emissionspris uppgår till mindre än (eller dess motsvarighet i annan valuta). Emittenten kan emittera icke-efterställda (i) skuldebrev ( Skuldebrev ), (ii) inlösningsbara certifikat ( Inlösningsbara Certifikat ) eller utnyttjningsbara certifikat ( Utnyttjningsbara Certifikat ) och tillsammans med de Inlösningsbara Certifikaten, ( Certifikat ) eller (iii) warranter ("Warranter") noterade eller betalbara valfri valuta överenskommen mellan Emittenten och relevant Handlare och med en lägsta valör eller (i fallet med W&C Värdepapper ), med ett lägsta emissionspris om (eller, för -47-

48 W&C Värdepapper kan vara indexbaserade W&C Värdepapper, valutabaserade W&C Värdepapper, fondbaserade W&C Värdepapper, råvarubaserade W&C Värdepapper, aktiekapitalbaserade W&C Värdepapper, kan (i fallet med Warranter) vara dubbla Warranter, kan komma att betala tilläggsbelopp eller kan vara en kombination av något av det föregående eller, i fallet Warranter, vara räntebaserade. W&C Värdepapper kan komma att lösas med kontanter, eller, i fallet med aktiekapitalbaserade och fondbaserade W&C Värdepapper, fysiskt. Warranter och Utnyttjningsbara Certifikat kan vara av amerikansk typ, europeisk typ eller open-ended. Värdepappers identifikationsnummer kommer att framgå av de relevanta Slutliga Villkoren. Värdepappren är SEK TBC Capital Protected Notes linked to a Basket of Equities ("Värdepappren"). Serienumret är Tranchnummer är 1. ISIN är: SE

49 rangordning och begränsninga r av dessa rättigheter Värdepapper kommer att utgöra icke-efterställda och ickesäkerställda förpliktelser för Emittenten och kommer att ranka pari passu utan företräde sinsemellan och minst pari passu med alla andra befintliga och framtida icke-efterställda och icke-säkerställda förpliktelser för Emittenten (inklusive depositionsåtaganden), med undantag för vad som följer av gällande rätt. Inget av Värdepappren kommer att bli depåförsäkrade enligt Canada Deposit Insurance Corporation Act (Kanada). Möten Villkoren för Värdepapprena kommer att innehålla bestämmelser om kallelser till möten för innehavarna av sådana Värdepapper vars syfte är att behandla frågor som generellt påverkar deras intressen. Dessa bestämmelser anger att uttryckt majoritet kan fatta bindande beslut för alla innehavare, inklusive innehavare som inte deltog eller röstade vid det relevanta mötet och för innehavare som röstade avvikande i förhållande till majoriteten och (med undantag för Svenska Skuldebrev) tillåter också att medgivanden kan avges genom skriftligt beslut eller elektroniskt. C.9 Ränta/inlösen Ränta och Tilläggsbelopp Skuldebrev kan men behöver inte vara räntebärande, och W&C Värdepapper kan men behöver inte betala några tilläggsbelopp. -49-

50 Warranterna kan utnyttjas och lösas (inklusive utnyttjandedatum, avräkningsdatum och priset för vilket de kommer att utnyttjas och avräknas, likväl som varje annan bestämmelse för förtida utnyttjande eller hävning) kommer att vara överenskomna mellan Emittenten och den aktuella Handlaren vid tillfället för emission av de aktuella Utnyttjningsbara Certifikaten eller Warranterna. Emissionspris: 110,00 procent av det Totala Kapitalbeloppet. Emittionsdag: 17 juli 2015 Beräkningsbelopp: SEK Förfallodag: 21 juli 2020 Beräkningsagenten enligt Värdepapprena är: RBC Capital Markets, LLC One Liberty Plaza 165 Broadway New York, NY USA -50-

51 Inlösenbelopp som tar hänsyn till händelser i relation till Referenspunkter eller Värdepapper som beskrivs nedan. "Förtida Inlösenbelopp" kommer att vara ett belopp som beräknas av Beräkningsagenten och lika med skäligt marknadsvärde för Värdepapper med avdrag för mindre hävningskostnader Ränta Värdepapperen är inte räntebärande. Definitioner Genomsnittligt Utförande avser det viktade genomsnittet av Referenspunktens utförande på den Slutliga Värderingsdagen viktad i enlighet med tabellen ovan, där Referenspunkters utförande är, med hänsyn till ett observationsdatum, en procentsats lika med Slutlig Nivå / Initial Nivå (beräknat i enlighet med följande formel): = j SlutligNivå j Initial Nivå 1 j Relevanta Korg Referensutförandet avser det viktade genomsnittet av det Enskilda Underliggande Relevanta Referensutförandet med hänsyn till varje Referenspunkt och det -51-

52 B) Den dagliga fixerade EUR-USD publicerad på Reuters sida ECB37 omkring 14:15 CET Slutlig Nivå betyder med hänsyn till en Referenspunkt, det aritmetiska genomsnittet av dess Referenspunktnivåer på det Slutliga Värderingsdatumet enligt tabellen ovan (beräknad i enlighet med följande formel): 1 13 Re ferensnivå 13 j j = 1 Lägsta Nivå avser noll FX Ränta avser Växlingskursen FX Option avser FX Ränta på det Initiala Värderingsdatumet FX Settlement avser FX på en Euro Settlementdag en dag efter Värderingsdatumet, föremål för justering i enlighet med Nästkommande Bank Day Convention Hedgningsenhet betyder Emittenten Utgångspris är -52-

53 Referenspunktnivåer avseende en Referenspunkt och Initiala Bevakningsdatumet med hänsyn till Relevanta Bevakningsdatumet. Initial Värderingsdatum betyder 7 juli 2015 Minnesfunktion Ej tillämpligt. P avser 100 % "Referenspunktsnivå" avser Referenspriset Referensnivån betyder den officiella stängningsnivån av Referenspunkten. Referenspunkt betyder Aktiekorg som består av: Värdepapper 1: AT&T Inc. (Bloomberg kod: T UN) Värdepapper 2: Baxter International Inc. (Bloomberg kod: BAX UN) Värdepapper 3: CenturyLink Inc, (Bloomberg kod: CTL UN) Värdepapper 4: Pepco Holdings Inc. (Bloomberg kod: POM UN) Värdepapper 5: PepsiCo Inc. (Bloomberg kod: PEP UN) -53-