Accelerated Return Notes® from Royal Bank of Canada (OTC: RBMCF) with 300% Participation, 20.25% Cap

Royal Bank of Canada is offering 3,530,467 Accelerated Return Notes (ARN®) linked to an international equity index basket, maturing on May 28, 2027. These notes provide a 300% participation rate in positive basket performance, capped at a 20.25% return, but expose investors to 100% principal at risk for basket declines and issuer credit risk. The initial estimated value was $9.67 per unit, lower than the $10.00 public offering price due to embedded fees.