Royal Bank of Canada : Structured Securities Base Prospectus (XS2993425060) - USD 9MM 4.80% due 24-Apr-2028

THE NOTES ARE SUBJECT TO CONVERSION IN WHOLE OR IN PART - BY MEANS OF A TRANSACTION OR SERIES OF TRANSACTIONS AND IN ONE OR MORE STEPS - INTO COMMON SHARES OF ROYAL BANK OF CANADA OR ANY OF ITS AFFILIATES UNDER SUBSECTION 39.2(2.3) OF THE CANADA DEPOSIT INSURANCE CORPORATION ACT (CANADA) (THE "CDIC ACT") AND TO VARIATION OR EXTINGUISHMENT IN CONSEQUENCE AND SUBJECT TO THE APPLICATION OF THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN IN RESPECT OF THE OPERATION OF THE CDIC ACT WITH RESPECT TO THE NOTES. Pricing Supplement dated 24 April 2025

ROYAL BANK OF CANADA

(a Canadian chartered bank)

Issue of USD 9,000,000 Fixed Rate Callable Notes due April 2028 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.

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 supplements 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)

      USD

   4. Aggregate Principal Amount: USD 9,000,000

      1. Series: USD 9,000,000

      2. Tranche: USD 9,000,000

   5. Issue Price: 100.00% of the Aggregate Principal Amount

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

      1. Calculation Amount: USD 1,000,000

      2. Minimum Trading Size: USD 1,000,000

   7. (i) Issue Date: 24 April 2025

      1. Interest Commencement Date: Issue Date

      2. Trade Date: 11 April 2025

   8. Maturity Date: 24 April 2028, subject to the details specified below under item 23

   9. Description of Notes: Not Applicable

   10. Product Terms: Not Applicable

   11. Interest Basis: 4.80% Fixed Rate

   12. (a) Redemption Basis: Redemption at par

       (b) Protection Amount: Not Applicable

   13. Change of Interest or Redemption/Payment Basis:

       Not Applicable

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

       Call Option

       (further particulars specified below)

   15. Date Board approval for issuance of Not Applicable Notes obtained:

   16. Bail-inable Securities: Yes

   17. Method of distribution: Non-syndicated

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

       (Condition 4.02/4.02a)

       Applicable

       1. Rate(s) of Interest: 4.80% per annum payable annually in arrear

       2. Interest Payment Date(s): 24th of each April in each year, commencing on 24

          April 2026, and with the final Interest Payment Date being the Maturity Date, adjusted for payment purposes only in accordance with the Business Day Convention set out in (iv) below, subject to the exercise of the Call Option as set out below

       3. Adjusted Interest Period(s): Not Applicable

       4. Business Day Convention: Following Business Day Convention

       5. Fixed Coupon Amount(s): Rate(s) of Interest multiplied by the Day Count

          Fraction multiplied by the Calculation Amount per Calculation Amount

       6. Broken Amount(s): Not Applicable

       7. Day Count Fraction: 30/360

       8. Determination Dates: Not Applicable

       9. Default Rate: As set out in Condition 4.06

       10. Other terms relating to the method of calculating interest for Fixed Rate Notes:

           Not Applicable

   19. Floating Rate Note Provisions

       (Condition 4.03)

       Not Applicable

   20. Zero Coupon Note Provisions Not Applicable
   21. Reference Item Linked Interest Notes Not Applicable
   22. Dual Currency Note Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION
   23. Call Option

       (Condition 5.03)

       Applicable

       1. Optional Redemption Date(s): 24 April 2027, subject to adjustment in accordance

          with the Following Business Day Convention

       2. Optional Redemption Amount(s) of each Note and method, if any, of calculation of such amount(s):

          Calculation Amount x 100.00%

       3. Redeemable in part: Not Applicable

       4. Notice periods: Minimum period: 5 (Five) London, Taipei, and New

          York Business Days

          Maximum period: Not Applicable

   24. Put Option

       (Condition 5.06)

       Not Applicable

   25. Notice periods for Early Redemption for Taxation Reasons:

       1. Minimum period: 30 days

       2. Maximum period: 60 days

   26. TLAC Disqualification Events: Not Applicable
   27. Notice periods for Redemption for Illegality:

       1. Minimum period: 10 days

       2. Maximum period: 30 days

   28. Trigger Early Redemption

       (Condition 5.09)

   29. Final Redemption Amount of each Note

       Not Applicable

       Calculation Amount x 100.00%

   30. Early Redemption Amount

       1. Early Redemption Amount(s) payable on redemption for

          As per Condition 5.10

          taxation reasons, illegality or on event of default or other early redemption and/or the method of calculating the same (including, without limitation, following an Index Adjustment Event, a Potential Adjustment Event and/or De-listing and/or Merger Event and/or Nationalisation and/or Insolvency and/or Tender Offer, an Additional Disruption Event, a Rebalancing Advisory Entity Event, an Inflation Index Substitution Event or an Inflation Index Modification:

       2. 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
   31. Settlement Method

       Whether redemption of the Notes will be by (a) Cash Settlement or (b) Physical Delivery or (c) Cash Settlement and/or Physical Delivery and whether option to vary settlement:

       Cash Settlement

   32. Final Redemption Amount for Reference Item Linked Notes

       Not Applicable

   33. Multi-Reference Item Linked Notes Not Applicable
   34. Currency Linked Note Provisions Not Applicable
   35. Commodity Linked Note Provisions Not Applicable
   36. Index Linked Note Provisions (Equity Indices only)

       Not Applicable

   37. Equity Linked Note Provisions Not Applicable
   38. Fund Linked Note Provisions Not Applicable
   39. Credit Linked Note Provisions Not Applicable
   40. Dual Currency Note Provisions Not Applicable
   41. Preference Share Linked Notes Not Applicable
   42. Bond Linked Redemption Note Not Applicable

Provisions