SEC Form FWP filed by Royal Bank Of Canada

In the event of an automatic call, the amount payable per unit will be:

·  [$10.60 to $10.70] if called on the first Observation Date

·  [$11.20 to $11.40] if called on the second Observation Date

·  [$11.80 to $12.10] if called on the third Observation Date

·  [$12.40 to $12.80] if called on the fourth Observation Date

·  [$13.00 to $13.50] if called on the fifth Observation Date

·  [$13.60 to $14.20] if called on the final Observation Date, each to be determined on the pricing date

You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.

Risk Factors

Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

·      If the notes are not automatically called, your investment will result in a loss; there is no guaranteed return of principal.

·      Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

·      Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes.

·      Your investment return is limited to the return represented by the applicable Call Premium and may be less than a comparable investment directly in shares of the Market Measure or the securities held by the Market Measure .

·      The initial estimated value of the notes is only an estimate, determined as of a particular point in time by reference to our and our affiliates’ pricing models.

·      The public offering price you pay for the notes will exceed the initial estimated value.

·      The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S, BofAS or any of our affiliates would be willing to purchase your notes in any secondary market (if any exists) at any time.

·      A trading market is not expected to develop for the notes.

·      Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares of the Market Measure or the securities held by the Market Measure), and any hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage in for our clients’ accounts, may affect the market value and return of the notes and may create conflicts of interest with you.

·      There may be potential conflicts of interest involving the calculation agent, which is BofAS.

·      The sponsor and advisor of the Market Measure may adjust the Market Measure in a way that could adversely affect the value of the notes and the amount payable on the notes, and these entities have no obligation to consider your interests.

·      You will have no rights of a holder of shares of the Market Measure or the securities held by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.

·      While we, MLPF&S, BofAS or our respective affiliates may from time to time own shares of the Market Measure or the securities held by the Market Measure, except to the extent that shares of Bank of America Corporation, the parent corporation of MLPF&S and BofAS, are held by the Market Measure, we, MLPF&S, BofAS and our respective affiliates do not control the Market Measure or the issuers of those securities, and have not verified any disclosure made by any other company.

·      There are liquidity and management risks associated with the Market Measure.

·      The performance of the Market Measure may not correlate with the performance of the securities held by the Market Measure as well as the net asset value per share of the Market Measure, especially during periods of market volatility when the liquidity and the market price of shares of the Market Measure and/or the securities held by the Market Measure may be adversely affected, sometimes materially.

·      The payment on the notes will not be adjusted for all corporate events that could affect the Market Measure.

·      The U.S. federal income tax consequences of an investment in the notes are uncertain.

Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.