Final Terms dated 4 June, 2015. ROYAL BANK OF CANADA (a Canadian chartered bank)

Final Terms dated 4 June, 2015 ROYAL BANK OF CANADA (a Canadian chartered bank) Issue of SEK TBC Snowball Autocallable Equity Linked Interest and Equity Linked Redemption Notes Linked to a Basket of Equities due June 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 these Final Terms) is annexed to these -1-

Final Terms. The Base Prospectus has been published on the website of the Irish Stock Exchange (www.ise.ie), the Central Bank of Ireland (http://www.centralbank.ie) 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: TBC (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: 100% 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-

(c) Minimum Trading Size: 7. (i) Issue Date: 4 June, 2015 (ii) Interest Commencement Date Issue Date 8. Maturity Date: 9 June, 2020 9. 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: Trigger Early Redemption (further particulars specified below) 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) -3-

21. Notice periods for Early Redemption for 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 Applicable (i) Trigger Early Redemption Event: Trigger Early Redemption Event 1 (ii) Trigger Barrier Level: Equity 1: EUR TBC Equity 2: GBP TBC Equity 3: EUR TBC Equity 4: NOK TBC (iii) Lower Trigger Barrier: Applicable (C) Equal to or Greater than: (D) Greater than: (iv) Upper Trigger Barrier: Applicable (v) Monitoring Date(s): Each Observation Date (vi) Relevant Monitoring Date(s): (vii) Initial Monitoring Date(s): (viii) Relevant Initial Monitoring Date(s): (ix) Initial Valuation: Each Monitoring Date (x) Relevant Valuation: Relevant Valuation 1 (xi) Relevant Reference Performance: (xii) Benchmark Rate: (xiii) Benchmark Rate Business Day: (xiv) Floor: Worst-of Relevant Reference Performance -4-

(xv) First Number of Hours: (xvi) Second Number of Hours; (xvii) Trigger Event Period: (xviii) Trigger FX Currency: (xix) Trigger FX Price Source: (xx) Trigger FX Valuation Time: (xxi) Trigger Early Redemption Date(s): 13 June, 2016 13 June, 2017 12 June, 2018 12 June, 2019 9 June, 2020 (xxii) (a) Trigger Early Redemption Amount: (b) Trigger Early Redemption Amount includes amount in respect of Accrued Interest: MAX [((Calculation Amount x 100%) + (Bonus Amount x N)); Basket Performance] Yes: no additional amount in respect of accrued interest to be paid 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 -5-

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 (i) Capital Barrier Event: Applicable Capital Barrier Event 1 If a Capital Barrier Event has occurred: Final Redemption Amount 1 If a Capital Barrier Event has not occurred: Final Redemption Amount 7 Final - Initial Level: Final Redemption Amount: 1: Applicable (ii) (iii) (iv) (v) Put Strike Event: Mini-Future Short Redemption Notes: IndiCap Redemption Notes: Himalayan Redemption Notes: Final Redemption Amount 7: (vi) Monitoring Date(s): (vii) Relevant Monitoring Date(s): The Valuation Date The Monitoring Date (viii) Initial Monitoring Date(s): (ix) Relevant Initial Monitoring Date(s): (x) Capital Barrier Level: Applicable (A) Equal to or Less than: (B) Less than: Applicable -6-

Equity 1: EUR TBC Equity 2: GBP TBC Equity 3: EUR TBC Equity 4: NOK TBC (xi) Put Strike Level: (xii) Initial Valuation: Initial Valuation 1 (xiii) Relevant Valuation: Relevant Valuation 1 (xiv) Relevant Reference Performance: (xv) Floor: (xvi) F: (xvii) K: (xviii) LC: (xix) LF: (xx) Cap: (xxi) P%: (xxii) X%: (xxiii) Y%: Worst-of Basket Relevant Reference Performance (xxiv) Z% 100% (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 -7-

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: Royal Dutch Shell Plc. (Bloomberg code: RDSA NA) Equity 2: BP Plc. (Bloomberg code: BP/LN) Equity 3: Total SA (Bloomberg code: FP FP) Equity 4: Statoil ASA (Bloomberg code: STL NO) (c) ISIN/Common Code: Equity 1: GB00B03MLX29 Equity 2: GB0007980591 Equity 3: FR0000120271 Equity 4: NO0010096985 (ii) Observation Period(s): (iii) Observation Date(s): 26 May, 2016 26 May, 2017 28 May, 2018 27 May, 2019 Valuation Date (iv) Averaging Date(s): (v) Valuation Date(s): 26 May, 2020 (vi) Valuation Time: (vii) Specified Price: (viii) Common Disrupted Days: Condition 8.05 applies Closing Price Applicable -8-

(ix) Initial Price: Equity 1: EUR TBC Equity 2: GBP TBC Equity 3: EUR TBC Equity 4: NOK TBC (x) Trade Date: 25 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 (xviii) Equity Substitution: (xix) Exchange(s): Applicable Equity 1: Euronext Amsterdam Equity 2: London Stock Exchange Equity 3: Euronext Paris Equity 4: Oslo Stock Exchange (xx) Related Exchange(s): (xxi) Exchange Rate: (xxii) Partial Lookthrough Depositary Receipt Provisions: (xxiii) Full Lookthrough Depositary Receipt Provisions: All Exchanges -9-

(xxiv) Hedging Entity: (xxv) Weighting or w: 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 London and 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 10006-1404 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 of the Province of Ontario and the federal laws of Canada applicable therein): English Law -10-

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 -11-

PART B OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING (i) Listing/Admission to trading: Application will be 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: SE0006965489 (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 5. DISTRIBUTION (a) (i) If syndicated, names and addresses of Managers and underwriting commitments / -12-

Biblioteksgatan 9, 111 46, Stockholm being persons to whom the issuer h "Authorised Offeror") other than pu of the Prospectus Directive in Swed Jurisdictions") (j) General Consent (k) Offer Authorised Offeror Terms: -13-

subscription moneys Manner and date in which results of the offer are to be made public: Procedure for exercise of any right of pre-emption, 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: The final issue size will be displayed on relevant ISIN code within 48 hours of the This tranche of Note has been reserved f respect to Swedish investor(s) only. Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: The Distributor will proceed to notify the p Noteholders as to the amount of their allo Off-market dealing may not comme notification of allotment being made. Plan Manager, administration and interm 6.00 per cent. may be paid in connection -14-

SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numb (A.1 E.7). This Summary contains all the Elements required to be included in a summary for this Issuer. Because some Elements are not required to be addressed, there may be gaps in the numb -15-

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 tha equivalent in any other currency) may be offered in circumsta exemption from the obligation under the Prospectus Directive t 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 con Base Prospectus in connection with a Non-exempt Offer of Secu Bankaktiebolag (an "Authorised Offeror") whose name is published on the website of the Regulatory New the London Stock Exchange at http:www.londonstockexchange.com/exchange/news/market-ne home.html under the name of the Bank and the headline Furthe identified as an Authorised Offeror in respect of the relevant Non financial intermediary which is authorised to make such offers u legislation implementing the Markets in Financial Instruments Di 2004/39/EC) and publishes on its website the following stateme in square brackets being completed with the relevant information "We, RBC Europe Limited, refer to the offer of SEK TBC Snowb due 2020 linked to a Basket of Equities (the "Securities") descr dated 4 June, 2015 (the "Final Terms") published by the Royal "Issuer"). In consideration of the Issuer offering to grant its cons Base Prospectus (as defined in the Final Terms) in connection w -16-

OFFEROR AND SUCH INVESTOR INCLUDING ARRANGEM TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEME INFORMATION WILL BE PROVIDED BY THE AUTHORISE TIME OF SUCH OFFER Element Title Section B - Issuer B.1 Legal and commercial name of the Issuer B.2 Domicile/ legal form/ legislation/ country of incorporation Royal Bank of Canada, London Branch (the "Bank" or the "Issuer"). The Issuer is incorporated and domiciled in Canada and is a Sche Bank Act (Canada) which constitutes its charter. continue to be strongly influenced by developments in the Canadia B.4b Trend information The Banking environment and markets in which the Issuer condu economies and global capital markets. As with other financial services providers, the Issuer continu supervision and regulation in most of the jurisdictions in which it ope areas of funding, liquidity, capital adequacy and prudential regulation -17-

amounts under return on common equity have been extracted from the Issuer's Second Qua Shareholders, 2013 Annual Report or calculated internally: Selected Consolidated Balance Sheet Information As at April 30, 2014 As at April 30, 2013 (restated) As at October 31, 2013 (restated) (in millions of Canadian dollars) As at O 2 Loans, net of allowance for loan losses 421,436 396,602 408,850 Total assets 895,893 866,440 859,745 Deposits 587,122 532,125 559,350 Other liabilities 249,719 278,667 242,979 Subordinated debentures 6,486 8,503 7,443 Trust capital securities 0 0 0 Preferred share liabilities 490 0 0 Non-controlling interest in subsidiaries 1,793 1,772 1,795 Equity attributable to shareholders 49,690 44,935 47,665-18-

and acquisition expense Non-interest expense Net income from continuing operations 4,326 4,009 16,194 16,227 14,473 2,201 1,909 8,342 8,429 7,558 Net loss from discontinued operations 0 0 0 0 (51) Net Income 2,201 1,909 8,342 8,429 7,507 Earnings per share basic $1.47 $1.26 $5.53 5.60 $4.96 diluted $1.47 $1.25 $5.49 5.54 $4.91 Earnings per share from continuing operations basic $1.47 $1.26 $5.53 $5.60 $4.99 diluted $1.47 $1.25 $5.49 $5.54 $4.94 Return on common equity Return on common equity from continuing operations 19.1% 18.7% 19.7% 19.4% 19.6% 19.1% 18.7% 19.7% 19.4% 19.7% -19-

products and services on a global basis. The Bank employs approx part-time employees who serve more than 16 million personal, busi institutional clients through offices in Canada, the U.S. and 42 other The Bank's principal activities are Personal & Commercial Banking Insurance, Investor & Treasury Services and Capital Markets. Personal & Commercial Banking comprises personal and business well as certain investment businesses in Canada, the Caribbean and Wealth Management serves affluent, high net worth and ultra high the Bank s offices in key financial centres mainly in Canada, the U.S Europe and Asia with a comprehensive suite of investment, trust, ba wealth management solutions. The Bank also provides asset man services directly to institutional and individual clients as well a distribution channels and third-party distributors. Insurance offers insurance products and services through the Bank's channels, comprised of the field sales force which includes retail in sales representatives, call centers and online, as well as through advisors and affinity relationships in Canada. Outside North Americ reinsurance markets globally. Investor & Treasury Services serves the needs of institutional invest custodial asset servicing, advisory, financing and other services maximize liquidity and manage risk in multiple jurisdictions around th -20-

each with a stable outlook, by Fitch Inc.; and (iv) AA (long term (subordinated debt), R-1 (high) (short-term debt) and Pfd-1 (low) (p with a stable outlook, by DBRS Limited. ( DBRS ). On October 23, 2013, Kroll Bond Rating Agency ( KBRA ), Recognized Statistical Rating Organization with the SEC, assigned t term and short-term debt and deposit ratings of AA and K1+, res outlook. KBRA was requested to rate a commercial MBS multi-borr the Issuer was one of four third party interest rate cap providers. G rate all parties to a transaction, it was required to issue a rating on th were unsolicited and the Issuer did not participate in the rating proce Securities issued under the Programme may be rated or unrated by rating agencies referred to above or their affiliates. Where a Tranch such rating will not necessarily be the same as the rating assigned t above or any other Securities already issued under the Programme. A security rating is not a recommendation to buy, sell or hold securit to revision or withdrawal at any time by the assigning rating agency. - No ratings have been assigned to the Securities a the co-operation of the Issuer in the rating process. Section C Securities -21-

notes, non-interest bearing notes, currency linked redemp linked redemption notes, equity linked redemption notes, in notes, fund linked redemption notes, preference share linked par or a percentage of par or may be any combination of the Notes may be cash settled or, in the case of equity linked re linked redemption notes, physically settled. W&C Securities may be index linked W&C Securities, Securities, fund linked W&C Securities, commodity linked W linked W&C Securities, may (in the case of Warrants) be d additional amounts or may be a combination of any of the fo of Warrants, may be interest rate linked. W&C Securities may be cash settled or, in the case of equ W&C Securities, physically settled. Warrants and Exercisable Certificates may be American s open-ended. The security identification number of the Securities will be Final Terms. The securities are SEK TBC Snowball Autocallable Notes Equities (the "Securities"). The Series Number is TBC -22-

C.8 Rights attaching to the Securities, including ranking and limitations on these rights Securities issued under the Programme will have terms and among other matters: Status (Ranking) Securities will constitute unsubordinated and unsecured ob and will rank pari passu without any preference amongst th pari passu with all other present and future unsubord obligations of the Issuer (including deposit liabilities), prescribed by law. None of the Securities will be deposits ins Deposit Insurance Corporation Act (Canada). Meetings The terms of the Securities will contain provisions for calling such Securities to consider matters affecting their intere provisions permit defined majorities to bind all holders, inc not attend and vote at the relevant meeting and holders w contrary to the majority and (other than for Swedish Notes) to be provided by written resolution or electronically. C.9 Interest/redemption Interest and Additional Amounts Notes may or may not bear interest and W&C Securities additional amounts. Interest-bearing Notes will either bea fixed rate, floating rate or variable (which may be Referenc -23-

they will be exercised and settled, as well as any provi exercise or cancellation) will be agreed between the Issuer a at the time of issue of the relevant Exercisable Certificates or Issue Price: 100 per cent of the Aggregate Principal Amount. Issue Date: 4 June, 2015 Calculation Amount: SEK 10,000 Maturity Date: 9 June, 2020 The Calculation Agent under the Securities is RBC Capital Markets, LLC One Liberty Plaza 165 Broadway New York, NY 10006-1404 USA Maturity Subject to any purchase and cancellation or early redemptio -24-

If a Trigger Early Redemption Event occurs the Securities wi the Specified Interest Payment Date following the Releva which the Trigger Early Redemption Date occurs at the Tri Amount. The "Trigger Early Redemption Amount" will be: MAX [((Calculation Amount x 100%) + (Bonus Amount x N)); Where: Bonus Amount means 12% (indicatively) Basket Performance means: 1 4 Re ferencepr ice i 4 Initial Level i = 1 i N means, in respect of a Payment Date, an integer corresp of Observation Dates from and excluding the Trade Date to a Observation Date immediately preceding such Payment Date Trigger Early Redemption Date(s) means -25-

The "Early Redemption Amount" will be an amount calcul Agent equal to the fair market value of a Security less unwind Interest The Securities do-not bear interest from the Issue Date. Definitions "Capital Barrier Event" means Capital Barrier Event 1 "Capital Barrier Event 1" means the Relevant Reference P of the Relevant Monitoring Date is less than the Capital Barri "Capital Barrier Level" means Equity 1: EUR TBC Equity 2: GBP TBC Equity 3: EUR TBC Equity 4: NOK TBC Exchange means, in relation to each component se Reference Item (each a Component Security ), the princi which such Component Security is principally traded, a -26-

"Initial Valuation Date" means 26 May, 2015 Memory Feature Applicable "Observation Date" means each of: 26 May, 2016 26 May, 2017 28 May, 2018 27 May, 2019 Valuation Date "Reference Item Level" means the Reference Price, "Reference Level" means the official closing level of the Ref Reference Item means the Equity Basket, comprising of: Equity 1: Royal Dutch Shell Plc. (Bloomberg code: RDSA NA Equity 2: BP Plc. (Bloomberg code: BP/LN) Equity 3: Total SA (Bloomberg code: FP FP) -27-

If Final Initial Level does not apply: (a) for the purposes of a Capital Barrier Event: Relevant Valuation in respect of the Relevant Monito (b) for other purposes: Relevant Valuation in respect of the Relevant M Valuation, if applicable, in respect of the Relevant Ini If Final Initial applies: Relevant Valuation in respect of the Relevant Monitoring D applicable, in respect of the Relevant Initial Monitoring Date. "Trigger Barrier Level" means Equity 1: EUR TBC Equity 2: GBP TBC Equity 3: EUR TBC Equity 4: NOK TBC -28-

two or more Reference Items the Calculation Agent sha Performer. Z means 100% Representative of holders Not applicable, the Securities do not provide for a representa to be appointed. C.10 Derivative component in the interest payment Payments of interest in respect of the Securities will be dete the performance of the Reference Item Please also refer to Element C.9. the Irish Stock Exchange or such other stock exchange or m or may be issued on an unlisted basis. If the Securities a trading, the Securities may be de-listed if the Issuer in good trading. The Issuer is not under any obligation to Holders to C.11 Admission to Trading Securities issued under the Programme may be listed and is impracticable or unduly burdensome to maintain such the Securities. Application has been made by the Issuer (or on its beha admitted to trading on NASDAQ OMX Stock Exchange C.15 How the value of the The Interest Amount and the Final Redemption Amount -29-

80% 100% 90% 160% 100% 160% 110% 160% 120% 160% 130% 160% 140% 160% 150% 160% 160% 160% 170% 170% 180% 180% 190% 190% 200% 200% If These Securities are derivative securities and their value m up. C.16 Expiration Date or Maturity Date of derivative securities The Maturity Date is 9 June, 2020-30-

C.20 Underlying The Reference Item specified in Element C.9 above. Information on past and future performance and volatility of t available on Bloomberg Section D - Risks Element Title D.2 Key information on the key risks that are specific to the Issuer The following is a summary of the key risks relating to the Issuer: Regulatory Risk: Certain regulatory reforms have the potentia which the Issuer operates, both in Canada and abroad. In particul -31-

potential changes in the types of products and services the Issuer c High levels of Canadian household debt: Growing Canadian and elevated housing prices are resulting in increasing vulner factors. In an increasing interest rate environment the debt servic consumers will be negatively impacted. The combination of incr rising interest rates and a downturn in real estate markets would p quality of the Issuer's retail lending portfolio and may negatively aff Cybersecurity: Given the Issuer's reliance on digital technologies its global operations, it is increasingly exposed to the risks related incidents may include unauthorised access to its system misappropriating assets, gaining access to sensitive informatio causing operational disruption. Such an event could com confidential information as well as that of its clients and third partie and may result in negative consequences for the Issuer including of revenue, additional regulatory scrutiny, litigation and reputation could adversely impact its ability to [make payments and/or deliv Securities. Credit Risk: Credit risk is the risk of loss associated with an obligo unwillingness to fulfil their contractual obligations. Credit risk may risk of default of a primary obligor of the Issuer (e.g. issuer, debtor, or policyholder), or indirectly from a secondary obligor (e.g. guara failure to effectively manage credit risk across all the Issuer s activities can have a direct, immediate and material impact on the -32-

affect its ability, and the cost, to enter into normal course d transactions and may require it to post additional collateral under c which may have an adverse effect on its results of operations and f D.3 Key information on the key risks that are specific to the Securities Securities may involve a high degree of risk. There are certain fac for the purpose of assessing the market risks associated with in Securities. The Issuer may issue Securities with principal, premium, interest, other amounts determined by reference to Reference Items. Prospective investors should understand the risks of transaction Item Linked Securities and should reach an investment decis consideration, with their advisers, of the suitability of such R Securities in light of their particular financial circumstances, th herein and the information regarding the relevant Reference Item the particular Reference Item(s) to which the value of, or payme respect of, the relevant Reference Item Linked Securities may rel applicable Final Terms. Where the applicable Final Terms specify one or more Referenc Securities will represent an investment linked to the performan Item(s) and prospective Investors should note that the return (if a in the Securities will depend upon the performance of the relevan addition to structural risks relating to such Securities (including In Equity Linked Securities, Currency Linked Securities, Fund Linked Share Linked Notes and Commodity Linked Securities), other -33-

Administrative Region of the People's Republic of China and Taiwa may adversely affect the liquidity of Securities denominated in Ren limited availability of Renminbi outside the PRC, which may affect t Securities and the Issuer's ability to source Renminbi outside the P Securities; if the Issuer is unable to source Renminbi, it may pay ho Securities in U.S. dollars; payments in respect of Securities denom only be made to investors in the manner specified under the releva conditions. D.6 Risk warning This Element D.6 only to be included where the Securities are for the purpose of Commission Regulation (EC) No. 809/2004 ( See D3 above. In addition: investors in Securities may lose up to the entire valu the Securities as a result of the terms of the rele invested amounts are subject to the performance o such as equities, indices, fixed income benchmarks funds; -34-

when due, an investor may lose all or part of his invest Element E.2b Title Reasons for the offer and use of proceeds Section E Offer The net proceeds of the issue of each tranche of Securities will b funds of the Issuer or used by the Issuer and/or its affiliates for hed in respect of any particular issues, there is a particular identified us be stated in the applicable Final Terms. The net proceeds from the issue of Securities will be added to th Issuer and used by the Issuer and/or its affiliates for hedging the Se -35-

involved in the issue/offer future engage, in investment banking and/or commercial banking may perform other services for, the Issuer and its affiliates in business. Save for any fees payable to the Dealer and, so far as the Issu involved in the offer of the Securities has an interest material to the E.7 Estimated expenses charged to the investor by the Issuer It is not anticipated that the Issuer will charge any expenses to with any issue of Securities under the Programme. No expenses are being charged to an investor by the Issuer. SAMMANFATTNING Sammanfattningar bygger på krav om offentliggöranden som kallas Delar. Dessa Delar är numrera E.7). Denna Sammanfattning innehåller alla Delar som krävs för att vara med i en sammanfatt värdepapper och Emittent. Eftersom vissa Delar inte behöver adresseras, kan det finnas luckor i Delarn om det kan vara krav på att en Del skall vara med för en viss typ av Värdepapper och Emittenter, är finns någon relevant information att tillhandahålla för en sådan Del. I sådant fall finns en kort sammanfattningen genom notering om ej tillämpligt. -36-

Icke-Undantaget Erbjudande tillämpas Medgivande: Enligt nedan angivna villkor godkänner Emitten Basprospektet i anslutning till Icke-undantaget Erbjudande av V Penser Bankaktiebolag (en Auktoriserad Erbjudare ) vars namn p från Regulatory News Service som drivs av London http:www.londonstockexchange.com/exchange/news/market-news/m under beteckningen för Banken och rubriken Further re Public Offe en Auktoriserad Erbjudare avseende en det Icke-undantagna Erbjud finansiell mediär som är godkänd att förmedla sådana erbjudanden lagstiftning som implementerat Europaparlamentets och Rådets d Marknader för Finansiella instrument och som på sin hemsida public (som tillsammans med information inom hakparenteser komp information): "Vi, RBC Europe Limited, hänvisar till Erbjudandet av SEK TBC Notes due 2020 linked to a Basket of Equities ("Värdepapprena") Villkoren daterade 4 juni 2015 ("de Slutliga Villkoren") publicerade Canada ("Emittent"). Med beaktande av Emittentens erbjudande om till att vi får använda Basprospektet (såsom det definieras i d anslutning till erbjudandet om Värdepappren i Sverige ( Erbjudandeperioden och i enlighet med övriga villkor för sådant angivna i Basprospektet, accepterar vi härmed Emittentens erbju Villkoren för Auktoriserade Erbjudare (såsom det definieras i Baspr att vi använder Basprospektet i enlighet därmed. -37-

Avsnitt B - Emittent Del Rubrik B.1 Juridiskt och kommersiellt namn på Emittenten Royal Bank of Canada London Branch ("Banken" eller "Emittenten B.2 Hemvist/ juridisk form/ lagstiftning/ landet för inkorporering Emittenten är inkorporerad och har sin hemvist i Kanada och är en the Bank Act (Kanada) vilket utgör dess stadgar. B.4b Information om trend Miljön för bankverksamhet och de marknader i vilka Emittenten b kommer att fortsätta vara starkt påverkade av utvecklingen i europeiska ekonomierna samt globala kapitalmarknader. Som för andra finansiella tjänsteleverantörer, fortsätter Emitt övervakning och reglering i de flesta jurisdiktioner som den bedrive områdena för kapitaltillskott, likviditet, kapitaltäckning och prudential B.5 Beskrivning av koncernen Royal Bank of Canada och dess dotterbolag benämns ("RBC Konc Canada är det yttersta moderbolaget. B.9 Prognostiserad eller Ej tillämpligt Ingen prognostiserad eller förväntad vinst har angetts -38-

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Preferensaktieåtaganden 490 0 0 0 0 Minioritetsinnehav i dotterbolag 1.793 1.772 1.795 1.761 1.761 Bundet eget kapital 49.690 44.935 47.665 43.160 44.267 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 (offentliggjort) År som slutade 31 oktober 2012 (omräknat) År s slutade oktober 2 (offentliggj Netto ränteintäkt 3.449 3.222 13.249 13.251 12.439 12. Ej räntebärande intäkt 4.821 4.495 17.413 17.616 16.540 17. Total intäkt 8.270 7.717 30.662 30.867 28.979 29. Reservation för kreditförluster 244 287 1.237 1.239 1.299 1. Försäkringspolicyinnehavares förmåner, fordringar och förvärvskostnader 830 938 2.784 2.784 3.621 3. Ej räntebärande kostnad 4.326 4.009 16.194 16.227 14.473 15. Nettointäkt från löpande verksamheter 2.201 1.909 8.342 8.429 7.558 7. Nettoförlust från avslutade verksamheter 0 0 0 0 (51) Nettointäkt 2.201 1.909 8.342 8.429 7.507 7. -40-

finansiella ställning eller vad gäller handeln av Emittenten och de helheten. 1 B.13 Händelser som påverkar Emittentens betalningsförmåga B.14 Beroenden av andra koncernbolag B.15 Huvudsakliga verksamheter Ej tillämpligt Det finns inga särskilda nyliga händelser hos Emi utsträckning är relevant för värderingen av Emittentens betalningsfö Ej tillämpligt. Emittenten är inte beroende av andra enheter inom RB Samtliga hänvisningar till Banken i detta kapitel hänför sig dotterbolag, om inte sammanhanget föranleder annat. Banken är och en av de största bankerna i världen, sett till börsvärde. Banken ledande diversifierade finansiella tjänsteföretag, och tillhan kommersiella banktjänster, kapitalförvaltningstjänster, försäkringa och kapitalmarknadsprodukter och kapitalmarknadstjänster på en sysselsätter ungefär 79 000 heltids- och deltidsanställda som bis privata, företag, offentliga och institutionella kunder genom kontor andra länder. Bankens huvudsakliga verksamheter är Privata och Komm Kapitalförvaltning, Försäkringar, Investerar & Treasury Tjänster sam Privata & Kommersiella Banktjänster omfattar privata och kommers 1 Till följd av det Tredje Tilläggsprospektet daterat den december 2014, har uttalandet Sedan 31 juli 2014 har det inte förekom av Emittenten finansiella ställning eller vad gäller handeln av Emittenten och dess dotterbolag sett till helheten blivit ersatt med det inte förekommit någon väsentlig ändring av Emittenten finansiella ställning eller vad gäller handeln av Emitenten och dess do -41-

världen. Verksamheten tillhandahåller också finansiering och l verksamheten. Kapitalmarknad tillhandahåller publika och privata företag, ins regeringar och centralbanker en bred portfölj av produkter och t erbjuder Banken en full uppsättning produkter och tjänster som in investment banking, kapital- och lånehantering och distribution oc omstrukturering och värdepappershandel. Utanför Nordamerika tillh diversifierad uppsättning kompetenser inom Bankens nyckel- o såsom inom energi, gruvverksamhet och infrastruktur. B.16 Kontrollerande aktieägare B.17 Tilldelad kreditklassificering Ej tillämpligt Såvitt Emittenten känner till, är Emittenten in kontrollerad av någon person. Emittentens tillskrivna kreditbetyg är (i) Aa3 (långfristig prioriterad framtidsutsikt och A3 (efterställd skuld), P-1 (kortfristig sku (preferensaktie), envar med en stabil framtidsutsikt, av Moody s I ( Moody s USA ); (ii) AA- (långfristig prioriterad skuld), A (e (kortfristig skuld) och A (preferensaktie) 1, envar med en stabil framti Poor s Financial Services LLC ( S&P USA ); (iii) AA (långfristig (efterställd skuld) och F1+ (kortfristig skuld), envar med en stabil Inc.; och (iv) AA (långfristig prioriterad skuld), AA (låg) (efterst (kortfristig skuld) och Pfd-1 (låg) (preferensaktie) 1, envar med en DBRS Limited ( DBRS ). -42-

Ej tillämplig - Ingen värdering har blivit gjord av Värdepappren samarbete med Emittenten inom värderingsprocessen. Avsnitt C Värdepapper Del Rubrik C.1 Typ och klass på Värdepappren/ ISIN Värdepapprena som är beskrivna i detta kapitel är värdepapper med W&C Värdepapper) emissionspris uppgår till mindre än motsvarighet i annan valuta). Emittenten kan emittera icke-efterställda (i) skuldebrev inlösningsbara certifikat ( Inlösningsbara Certifikat ) eller utn ( Utnyttjningsbara Certifikat ) och tillsammans med de Inlös ( Certifikat ) eller (iii) warranter ("Warranter") noterade eller överenskommen mellan Emittenten och relevant Handlare och m (i fallet med W&C Värdepapper ), med ett lägsta emissionspris o fall Värdepapprena är noterade eller (om tillämpligt) emitterade euro, motsvarande belopp i sådan valuta) (sådana Certifikat sammantaget W&C Värdepapper och W&C Värdepapper sammantaget Värdepapper ) i enlighet med detta Basprospekt u Skuldebrev kan löpa med bunden ränta, rörlig ränta, vara benchmark-räntebaserade skuldebrev, löpa med valutabaserad -43-

open-ended. Värdepappers identifikationsnummer kommer att framgå av Villkoren. Värdepappren är SEK TBC Snowball Autocallable Notes linked ("Värdepapper"). Serienumret är TBC. Tranchnummer är 1. ISIN är: SE0006965489 Gemensam kodex är: TBC emitteras i valfri valuta överenskommen mellan Emittenten och d C.2 Valuta Förutsatt att man följer tillämpliga lagar, förordningar och dire vid emissionstillfället. Valutan för denna Serie av Värdepapper är svensk krona ( SEK ). C.5 Begränsningar att överlåta fritt Värdepapper kan överlåtas fritt, med förbehåll för erbjudande- o Kanada, USA, Storbritannien, Österrike, Finland, Frankrike, T Nederländerna, Portugal, Spanien, Sverige, Japan, Hong Kong, S Emiraten (undantaget Dubai International Financial Centre), Duba Centre, Singapore och Bahrain och enligt prospektdirektivet och l -44-

bindande beslut för alla innehavare, inklusive innehavare som in vid det relevanta mötet och för innehavare som röstade avvi majoriteten och (med undantag för Svenska Skuldebrev) tillåter kan avges genom skriftligt beslut eller elektroniskt. C.9 Ränta/inlösen Ränta och Tilläggsbelopp Skuldebrev kan men behöver inte vara räntebärande, och W&C behöver inte betala några tilläggsbelopp. Räntebärande Skulde löpa med en bunden räntesats, rörlig räntesats eller variabel rän kopplad till Referenspunkterna). Om W&C Värdepapper betalar sådana belopp att beräknas med hänvisning till bunden ränta. Inlösen och Utnyttjande och Avräkning Villkoren enligt vilka Skuldebrev kan lösas in (inklusive förfalloda på tillgångarna som de kommer att lösas in till på förfallodagen s för förtida inlösen) kommer att vara överenskomna mellan Emitt Handlaren vid tillfället för emission av det aktuella Skuldebrevet. Villkoren under vilka de Inlösenbara Certifikaten kan lösas in (in pris för vilket de kommer att lösas in på inlösendagen och varje förtida inlösen eller hävning) kommer att vara överenskommet me aktuella Handlaren vid tillfället för emissionen av de aktuella Inlöse -45-

New York, NY 10006-1404 USA Förfallotid Med hänsyn till varje köp och hävning eller förtida inlösen, komme inlösta på Förfallodagen till det Slutliga Inlösenbeloppet som ange "Slutligt Inlösenbelopp" kommer att vara ett belopp (som inte k än noll) uträknat av Beräkningsagenten och lika med: (a) Om ett Kapitalmarknadshinder har inträffat: Slutligt Inlösenbelopp 1 Minimum (Beräkningsbelopp x Relevant Referensutför Relevant Bevakningsdatum, Högsta Nivå) (b) om ett Kapitalmarknadshinder inte har inträffat: Slutligt Inlösenbelopp 7 Beräkningsbelopp x Z% Utlösande Förtida Inlösensituationer -46-

föregående sådan Likviddag. Förtida Utlösande Inlösendatum betyder: 13 juni 2016 13 juni 2017 12 juni 2018 12 juni 2019 9 juni 2020 Annat Värdepapprena kan lösas in i förtid av skatteskäl, med anledn avtalsbrottshändelser till det Förtida Inlösenbeloppet. Värdepapprena kan också sägas upp tidigt till det Förtida Inlösen till händelser i relation till Referenspunkter eller Värdepapper som "Förtida Inlösenbelopp" kommer att vara ett belopp Beräkningsagenten och lika med skäligt marknadsvärde för Värde mindre hävningskostnader Ränta -47-

Börsen betyder, i förhållande till varje beståndsdel säkerhet som (vardera en Beståndsdel i Säkerhet ) den huvudbörs som Säkerhet handlas, som bestäms av Beräkningsagenten. Slutliga Värderingsdagen betyder 26 maj 2020 Hedgningsenhet betyder Emittenten Utgångspris är Eget kapital 1: EUR TBC Eget kapital 2: GBP TBC Eget kapital 3: EUR TBC Eget kapital 4: NOK TBC Initial Värdering betyder Initial Värdering 1 "Initial Värdering 1" avser: Referenspunktnivåer avseende en Relevanta Bevakningsdatumet. Initial Värderingsdatum betyder 26 maj 2015 Minnesfunktion Tillämpligt. -48-

Värdepapper 2: BP Plc. (Bloomberg code: BP/LN) Värdepapper 3: Total SA (Bloomberg code: FP FP) Värdepapper 4: Statoil ASA (Bloomberg code: STL NO) Relaterad Börs betyder varje börs eller noteringssystem där h effekt (bestämt av Beräkningsagenten) på den totala markna optionskontrakt i anslutning till Referenspunkten. "Relevanta Referensutförande" avser: den Sämsta Korg Releva Relevant Värdering betyder: Relevant Värdering 1 Relevant Värdering 1 betyder Relevanta Referensutförand Referenspunkt och Relevant Bevakningsdatum. = Planerad Handelsdag någon dag då (i) Index Sponsorn s Referenspunkten och (ii) varje Relaterad Börs ska vara öppen för Om Slutlig Initial Nivå inte är tillämplig: (a) för ändamålet med en Kapitalmarknadshinderssituation: Relevant Värdering i förhållande till Relevant Bevakningsd -49-

"Utlösande Förtida Inlösen Situation 1" avser att Relevan förhållande till Relevant Bevakningsdatum ("Utlösandesituation eller större än Utlösande Gränsnivå. "Värderingsdatum" avser 26 maj 2020, föremål för justering "Värderingstidpunkt" avser att villkor 8,05 tillämpas "Sämsta Korg Relevant Referensutförande" avser: Den Enskilda Underliggande Relevanta Referensutförande i f Utförande och Relevant Bevakningsdatum. "Sämsta Utföraren" avser den Referenspunkt i förhålland Underliggande Relevanta Referensutförande uppgår, enligt Kalk lägsta positiva beloppet, förutsatt att om Enskilda Und Referensutförandet uppgår till samma belopp i förhålland Referenspunkter, skall Kalkyleringsagenten fastställa Sämsta Utfö "Z avser 100 %. Representant för innehavare Inte tillämpligt, Värdepappren föranleder inte att representant för in -50-

underliggande tillgångarna. Referenspunkten: Slutlig prestation av Sämsta Utföraren Betalning 0% 0% 10% 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 100% 70% 100% 80% 100% 90% 160% 100% 160% 110% 160% 120% 160% 130% 160% 140% 160% 150% 160% 160% 160% 170% 170% 180% 180% 190% 190% 200% 200% -51-

avkastningen på härledda värdepapper sker C.19 Slutligt referenspris på det Underliggande Värdepapprena. Dessa Värdepapper är derivatvärdepapper och deras värde kan ö Se även Avsnitt C.9 ovan i förhållande till det slutliga Underliggande. C.20 Underliggande Referenspunkten specificerad i Avsnitt C.9 above. Information om tidigare och framtida fullgörelse och volatilitet a tillgänglig på Bloomberg. Avsnitt D - Risker Del Rubrik D.2 Väsentlig information om centrala risker hänförliga till Emittenten Nedan följer en sammanfattning av de centrala risker som är hä Regulatoriska Risker: Vissa regulatoriska reformer ka Emittentens arbetssätt både i Kanada och utomlands. I synnerh av (i) Baselkommittén för Banktillsyns globala standarder likviditetsreformer (Basel III), som fastställer minimikrav för ge -52-

vilka produkter och tjänster som Emittenten kan erbjuda sina kun Hög skuldsättning i kanadensiska hushåll: Hushållens växa höjda bostadspriser resulterar i ökad känslighet för yttre ris ränteläge kommer de kanadensiska konsumenternas sku påverkas negativt. Kombinationen av växande arbetslöshet nedgång i fastighetsmarknaden skulle utgöra en risk för kredit privatlåneportfölj och kan påverka Emittenten negativt. Cybersäkerhet: Med beaktande av Emittentens beroende a bedriva och utöka sin globala verksamhet är Emittenten allt me samband med it-säkerhet. Sådana incidenter, kan bestå av Emittentens system i syfte att förskingra tillgångar, få tillgång förvränga data eller orsaka driftsstörningar. En sådan händelse Emittentens konfidentiella information eller konfidentiell informa och tredje parter med vilka Emittenten interagerar och k konsekvenser för Emittenten, inklusive åtgärdskostnader, intä regulatorisk granskning, rättstvister och skadat anseende, vi förmåga negativt att utföra betalningar och/eller leveranser avse Kreditrisk: Kreditrisk är den risk för förlust som uppstår i samb eventuella oförmåga eller ovilja att infria sina kontraktuella åta uppstå direkt från risken för försummelse av en av Emittente (t.ex. emittent, gäldenär, motpart, låntagare eller försäkringsta en sekundär gäldenär (t.ex. borgensman eller återförsäkra effektivt hantera kreditrisker inom Emittentens samtliga p aktiviteter kan ha en direkt, omedelbar och väsentlig inverkan -53-

negativa konsekvenser för Emittentens finansieringskapac kapitalmarknaden, samt påverka dess förmåga, och kostn sedvanliga derivat- eller hedgetransaktioner och kan kräva u säkerheter enligt vissa avtal, något som kan ha en negativ inv och finansiella ställning. D.3 Väsentlig information om centrala risker hänförliga till Värdepapper Värdepapper kan innefatta en hög risk. Vissa faktorer är vä bedöma marknadsriskerna förknippade med investering i en em Emittenten kan emittera Värdepapper med principal, premiu belopp eller andra belopp som bestäms med hänvisning till Refe Presumtiva investerare bör förstå riskerna med tra Referenspunktbaserade Värdepapper och bör fatta ett invester noggrant övervägande med sina rådgivare om hållb Referenspunktbaserade Värdepapper sett i ljuset av sina omständigheter, informationen häri och information Referenspunktbaserade Värdepapper och den/de Referenspu av, eller betalningar och/eller leveranser av de aktuella R Värdepapperna hänför sig till enligt vad som anges i tillämpliga S Där de Slutliga Villkoren anger en eller flera Referenspunk Värdepappren representera en investering förknippad med Referenspunkter och presumtiva Investerare bör notera att e deras investering i Värdepappren kommer att vara avhängig ut Referenspunkterna. Utöver strukturella risker förknippade med (inklusive Indexbaserade Värdepapper, Aktiekapitalbas -54-