PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") without an up-to-date PRIIPS KID being in place with the prior written consent of RBC Europe Limited and provided in accordance with the PRIIPS Regulation. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129. Consequently, save as provided above, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK") without an up-to-date UK PRIIPS KID being in place with the prior written consent of RBC Europe Limited and provided in accordance with the PRIIPS Regulation. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of the UK Prospectus Regulation. Consequently, save as provided above, no key information document required by Regulation (EU) No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. Pricing Supplement dated 17 April 2025


ROYAL BANK OF CANADA

(a Canadian chartered bank)

Legal entity identifier (LEI): ES7IP3U3RHIGC71XBU11

Issue of EUR 1,930,000 Callable Inverse Floater Notes due April 2037 under the Programme for the Issuance of Securities

PART A - CONTRACTUAL TERMS

Any person making or intending to make an offer of the Notes may only do so in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to either of Article 3 of the Prospectus Regulation or section 85 of the FSMA or to supplement a prospectus pursuant to either of Article 23 of the Prospectus Regulation or Article 23 of the UK Prospectus Regulation, in each case, in relation to such offer, and subject as provided in the sections entitled "Prohibition of Sales to EEA Retail Investors" and "Prohibition of Sales to UK Retail Investors" above.

This document constitutes the Pricing Supplement for the Notes described herein. This document must be read in conjunction with the Structured Securities Base Prospectus dated July 16, 2024 as supplemented by the supplement dated September 02, 2024, December 11, 2024, and March 04, 2025 (the "Base Prospectus"). Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of this Pricing Supplement and the Base Prospectus. Copies of the Base Prospectus 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, 160 Queen Victoria Street, London EC4V 4LA, England and in electronic form on the Luxembourg Stock Exchange's website (https://www.bourse.lu).

For the purposes hereof:

"UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the EUWA;

"EUWA" means the European Union (Withdrawal) Act 2018, as amended; and

"FSMA" means the Financial Services and Markets Act 2000, as amended. By investing in the Notes, each investor represents that:

  1. 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 terms and 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.

  2. 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.

  3. 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)

      EUR

    4. Aggregate Principal Amount: EUR 1,930,000

      1. Series: EUR 1,930,000

      2. Tranche: EUR 1,930,000

    5. Issue Price: 100% of the Aggregate Principal Amount

    6. (a) Specified Denominations: EUR 1,000

      1. Calculation Amount: EUR 1,000

      2. Minimum Trading Size: EUR 1,000

    7. (i) Issue Date: 17 April 2025

      1. Interest Commencement Date

        Issue Date

      2. Trade Date: 20 March 2025

    8. Maturity Date: 17 April 2037, subject to the details specified below under item 22

    9. Description of Notes: Not Applicable

    10. Product Terms: Not Applicable

    11. Interest Basis: 3-month EURIBOR Floating Rate (Further details specified below)

    12. (a) Redemption Basis: Redemption at par

      (b) Protection Amount: Not Applicable

    13. Change of Interest or Redemption/Payment Basis:

    14. Put Option/ Call Option/ Trigger Early Redemption:

      Not Applicable

      Call Option (further particulars specified below)

    15. Date Board approval for issuance of Notes obtained:

      Not Applicable

    16. Bail-inable Securities: No

    17. Method of distribution: Non-syndicated

      PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
    18. Fixed Rate Note Provisions

      (Condition 4.02/4.02a)

    19. Floating Rate Note Provisions

      (Condition 4.03)

      1. Floating Rate of Interest Basis

        Not Applicable Applicable

        Basic Rate of Interest

      2. Specified Period(s): Not Applicable

      3. Specified Interest Payment Dates:

        Maturity Date, subject to the details specified below under item 22 and the Business Day Convention under (vi)

      4. Interest Period End Dates: 17th of each April of each year from (and including) 17

        April 2026 to (and including) 17 April 2036, subject to adjustment for payment purposes only in accordance with the Business Day Convention set out in 19(vi) above

      5. First Interest Payment Date:

        Maturity Date, subject to the details specified below under item 22 and the Business Day Convention under (vi)

      6. Business Day Convention: Following Business Day Convention

      7. Business Centre(s): TARGET

      8. Manner in which the Rate(s) of Interest is/are to be determined:

        From (and including) Issue Date up to (but excluding) 17 April 2026, the Rate of Interest shall accrue at a per annum rate determined according to the following formula:

        6.00%

        From (and including) 17 April 2026 up to (but excluding) the Maturity Date, the Rate of Interest shall accrue at a per annum rate determined according to the following formula:

        MIN[0%, 7.88% - Reference Rate]

        For each Interest Period, the Interest Amount shall be determind according to the following formula:

        Calculation Amount x Rate of Interest x Day Count Fraction

        Each "Interest Rate Calculation Period" means from

        (and including) the previous Interest Period End Date to (but excluding) the relevant Interest Period End Date, with the first such period being the period from (and including) Issue Date to (but excluding) 17 April 2026.

      9. Screen Rate Determination: Applicable

        • Reference Rate(s): 3-month EURIBOR

        • Term Rate: Applicable

        • Overnight Rate: Not Applicable

        • Relevant Swap Rate: Not Applicable

        • Calculation Method: Not Applicable

        • Observation Method: Not Applicable

        • Interest Determination Dates(s):

        • Rate Determination Date:

        • Relevant Screen Page:

          The 5th TARGET Business Day prior to Maturity Date

          Not Applicable EURIBOR01

        • Designated Maturity: 3 months

        • Relevant Time: Such time as the Rate of Interest is to be determined

        • Reference Banks: Not Applicable

        • Swap Rate Frequency:

          Not Applicable

        • Swap Rate Time: Not Applicable

        • Swap Rate Currency:

          Not Applicable

        • Compounded: Not Applicable

        • Underlying RFR Rate:

          Not Applicable

        • Administrator: Not Applicable

        • Relevant Financial Centre:

        • Observation Look-Back Period:

          TARGET

          Not Applicable

      10. ISDA Rate Determination: Not Applicable

      11. Linear Interpolation: Not Applicable

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RBC - Royal Bank of Canada published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 16:23 UTC.