Benton Resources Inc. — Capital/Financing Update 2021

Oct 15, 2021

October 15, 2021

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INDEX LINKED SECURITIES | RBC GLOBAL INVESTMENT SOLUTIONS

RBC Solactive Canada Bank 30 AR Index Geared Buffered 7.90% Callable Yield Securities

(CAD), Series 5, F-Class Non-Princi al Protected Securit p y

7.0 year term

Performance linked to the Solactive Canada Bank 30 AR Index

Potential 7.9000% coupon per annual period

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on or about October 28, 2021

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RBC6555

Autocall Observation Dates

October 31, 2022 and semi-annually thereafter

This summary is qualified in its entirety by a pricing supplement (the “ Pricing Supplement ”), the base shelf prospectus dated February 27, 2020, the program prospectus supplement dated February 27, 2020 and the product prospectus supplement dated February 27, 2020 in respect of index linked securities.

www.rbcnotes.com

KEY TERMS

	KEY TERMS
	Issuer:	Royal Bank of Canada
	Issuer Credit Ratings:Currency:	Moody’s: Aa2; S&P: AA-; DBRS: AACAD
	Minimum Investment:	50 Securities or $5,000
	Term:	Approximately 7.0 years
	Principal at Risk:	The Securities are not principal protected.
	Underlying Index:	The return on the Securities is linked to the adjusted returns of the Solactive
		Canada Bank 30 AR Index (the “Underlying Index”). The Underlying Index isan adjusted return index that aims to track the gross total return performance of
		the Solactive Canada Bank TR Index (the “Target Index”), subject to a
		reduction of a synthetic dividend of 30 index points per annum calculated daily
		in arrears (the “Adjusted Return Factor”).For the avoidance of doubt, thereturn on the Securities is linked to the Underlying Index and is not linked**to the Target Index.**The Closing Level on September 30, 2021 was 801.49.
		The Adjusted Return Factor divided by the Closing Level was therefore equal to3.7430% on September 30, 2021. If an Autocall Redemption Event does notoccur, over the term of the Securities the sum of the Adjusted Return Factor will
		be approximately 210 index points, representing 26.2012% of the Closing Level
		on September 30, 2021. Securities do not represent an interest in the Underlying
		Index, the Target Index or in the securities of the companies that comprise the
		Target Index, and holders will have no right or entitlement to such securities
		including, without limitation, redemption rights (if any), voting rights or rights to
		receive dividends or other distributionspaid on such securities.
	Issue Date:Initial Index Level:	November 4, 2021The “Initial Index Level” is the Closing Level, as published by the Index
	Buffer:	Sponsor, on October 29, 2021 (the “Initial Valuation Date”).20.00%. The principal of the Securities will be protected against a decline of upto 20.00% in the performance of the Underlying Index, but declines in theperformance of the Underlying Index beyond the Buffer will be subject to theGearingMultiplier.
	Gearing Multiplier:	1.25, applied only if the Percentage Change in the Underlying Index is negative,
		declining by more than 20.00%.
	Protection Buffer Level:	The “Protection Buffer Level” is 80.00% of the Initial Index Level.
	Coupon Barrier Level:	The “Coupon Barrier Level” is 80.00% of the Initial Index Level.
	Final Index Level:	The “Final Index Level” is the Closing Level, as published by the Index
		Sponsor, on October 30, 2028 (the “Final Valuation Date”).
	Maturity Date:	November 2, 2028

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

KEY TERMS CONTINUED

Closing Level:	Closing Level:	Closing Level:	The “Closing Level” on any date is the official closing level of the Underlying Index quoted on www.solactive.comfor such date, as determined by the Calculation Agent.	The “Closing Level” on any date is the official closing level of the Underlying Index quoted on www.solactive.comfor such date, as determined by the Calculation Agent.	The “Closing Level” on any date is the official closing level of the Underlying Index quoted on www.solactive.comfor such date, as determined by the Calculation Agent.
ObservationDates:			An “Observation Date” for the purposes of determining the amount of any Interest Payment will occur semi-annually on the dates specified below in each year that the Securities are outstanding, from and including April 29,2022 to and including October 30, 2028. If any such Observation Date is not an Exchange Day, it shall be postponedto the next succeeding Exchange Day.Provided that the Securities are not redeemed by the Bank as described below, the Bank intends the ObservationDates to be:April 29, 2022October 31, 2022May 1, 2023October 30, 2023April 29, 2024October 29, 2024April 29, 2025October 29, 2025April 29, 2026October 29, 2026April 29, 2027October 29, 2027May 1, 2028October 30, 2028
			April 29, 2022October 31, 2022May 1, 2023October 30, 2023April 29, 2024October 29, 2024April 29, 2025October 29, 2025April 29, 2026October 29, 2026April 29, 2027October 29, 2027May 1, 2028October 30, 2028
InteDat	rest Paes:	yment	The “Interest Payment Date” for an Interest Payment, if any, will occur semi-annually on the dates specifiedin each year that the Securities are outstanding, from and including May 4, 2022 to and including Novem2028. Provided that the Securities are not redeemed by the Bank as described below, the Bank intends the InPayment Dates to be:		belowber 2,terest
			May 4, 2022November 3, 2022May 4, 2023November 2, 2023May 2, 2024November 1, 2024May 2, 2025November 3, 2025May 4 2026November 3 2026May 4 2027November 3 2027
			,,,,May 4, 2028November 2, 2028
IntePay	restments:		Interest payments (the “Interest Payments” and each an “Interest Payment”) if any on the Securities w		ill beon anon thencipal100 ×ncipaleachst will
			, , ,payable on each Interest Payment Date, in arrears, at a fixed interest rate of 3.9500% semi-annually endingInterest Payment Date (an “Interest Period”) for each Interest Period in which a Digital Payout Event occursObservation Date occurring in the Interest Period. On the basis of the foregoing, the interest on each $100 PriAmount of Securities for an Interest Period in which a Digital Payout Event has occurred would equal $ 3.9500%.Thus, if a Digital Payout Event occurs:(a) on each Observation Date in any twelve-month period, the amount of interest payable on each $100 PriAmount of Securities for that twelve-month period will be $7.90; and(b) on one out of the two Observation Dates in any twelve-month period, the amount of interest payable on$100 Principal Amount of Securities for that twelve-month period will be $3.95.If a Digital Payout Event does not occur on the Observation Date during a particular Interest Period, no interebe payable on the Securities for such Interest Period.
DigEve	ital Paynt:	out	A “Digital Payout Event” will occur if, on the relevant Observation Date, the Closing Level is greater than orto the Coupon Barrier Level.		equal
AutRedEve	ocallemptiont:	n	An “Autocall Redemption Event” will occur if the Closing Level on an Observation Date other than the firlast Observation Dates is greater than or equal to 100.00% of the Initial Index Level (the “Autocall RedemLevel”). On the next succeeding Interest Payment Date following the occurrence of an Autocall Redemption(the “Autocall Redemption Date”) the Securities will be redeemed for an amount equal to the Principal Athereof (the “Autocall Redemption Amount”). In addition to the Autocall Redemption Amount, an InPayment will be paid on the Autocall Redemption Date.		st andptionEventmountterest
Payment atMaturity:	ment atturity:		On the Maturity Date if the Securities have not been previously redeemed the amount payable (the “
			, ,Redemption Amount”) for each $100 Principal Amount per Security will be equal to:(a) if the Final Index Level is greater than or equal to the Protection Buffer Level, $100; or
PercentageChange:			The “Percentage Change” is the amount, expressed as a percentage rounded to three decimal places, equal to:(Final Index Level-Initial Index Level)Initial Index Level
SecondaryMarket:			Fundserv, RBC6555

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Sample Calculations of Final Redemption Amount or Autocall Redemption Amount and Interest Payments:

The examples set out below are included for illustration purposes only. The performance of the Underlying Index used to illustrate the calculation of the Final Redemption Amount or Autocall Redemption Amount and the Interest Payments over the term of the Securities is not an estimate or forecast of the performance of the Underlying Index or the Securities. All examples assume that a holder of the Securities has purchased Securities with an aggregate Principal Amount of $100 and that no Extraordinary Event has occurred. All examples assume a Buffer of 20.00%, a Gearing Multiplier of 1.25, a Coupon Barrier Level of 80.00% of the Initial Index Level, a Protection Buffer Level of 80.00% of the Initial Index Level and an Autocall Redemption Level of 100.00% of the Initial Index Level. For convenience, each vertical line in the charts below represents both a hypothetical Observation Date and the next succeeding Interest Payment Date. Certain dollar amounts are rounded to the nearest whole cent.

Example #1: Loss Scenario with Payment on the Maturity Date at Less Than Par

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• Indicates Observation Dates on which the Coupon Barrier Level is breached; therefore no Interest Payment will occur on the related Interest Payment Date.

• Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

• Solactive Canada Bank 30 AR Index

In this scenario, there is no Observation Date on which the Closing Level is at or above the Autocall Redemption Level and, accordingly, the Securities would not be redeemed before the Maturity Date. On the Final Valuation Date, the Final Index Level is below the Protection Buffer Level.

(i) Interest Payments

In this example, there is a Digital Payout Event on 6 of the 14 Observation Dates. On the other 8 Observation Dates, no Digital Payout Event would occur because the Closing Level is below the Coupon Barrier Level. Therefore, the Interest Payment of $3.95 per Interest Period would be payable for 6 Interest Periods on the applicable Interest Payment Date, for total Interest Payments of:

Principal Amount of Securities × 3.9500% per Interest Period × 6 Interest Periods $100 × 3.9500% × 6 = $23.70

(ii) Final Redemption Amount

In this example, the Initial Index Level is 801.49 and the Final Index Level is 400.75. Therefore, the Final Redemption Amount would be calculated as follows:

Initial Index Level = 801.49

Final Index Level = 400.75

Percentage Change = (400.75 - 801.49) / 801.49 = -0.50000 or -50.000%

Since the Final Index Level is below its Protection Buffer Level, the Final Redemption Amount is reduced by the amount of any decline beyond the Buffer multiplied by the Gearing Multiplier and is calculated as follows: Final Redemption Amount = $100.00 + [$100.00 × (-50.000% + 20.00%) × 1.25] = $62.50

Therefore, the total amounts payable per Security from the Issue Date to the Maturity Date are:

(a) Total Interest Payments: $23.70

(b) Final Redemption Amount: $62.50

(c) Total amount paid over the term of the Securities: $86.20

The equivalent annually compounded rate of return in this example is -2.10%.

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Sample Example #2: Gain Scenario with Payment on the Maturity Date at Par Calculations: (continued)

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• Indicates Observation Dates on which the Coupon Barrier Level is breached; therefore no Interest Payment will occur on the related Interest Payment Date.

• Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

• Solactive Canada Bank 30 AR Index

In this scenario, there is no Observation Date on which the Closing Level is at or above the Autocall Redemption Level and, accordingly, the Securities would not be redeemed before the Maturity Date. On the Final Valuation Date, the Final Index Level is at or above the Protection Buffer Level.

(i) Interest Payments

In this example, there is a Digital Payout Event on 7 of the 14 Observation Dates. On the other 7 Observation Dates, no Digital Payout Event would occur because the Closing Level is below the Coupon Barrier Level. Therefore, the Interest Payment of $3.95 per Interest Period would be payable for 7 Interest Periods on the applicable Interest Payment Date for total Interest Payments of:

Principal Amount of Securities × 3.9500% per Interest Period × 7 Interest Periods

$100 × 3.9500% × 7 = $27.65

(ii) Final Redemption Amount

In this example, since the Final Index Level is 681.27, which is above the Protection Buffer Level of 80.00% of the Initial Index Level of 801.49, being 641.19, the Final Redemption Amount per Security is equal to $100.00.

Therefore, the total amounts payable per Security from the Issue Date to the Maturity Date are:

• (a) Total Interest Payments: $27.65

• (b) Final Redemption Amount: $100.00

• (c) Total amount paid over the term of the Securities: $127.65

The equivalent annually compounded rate of return in this example is 3.55%.

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Sample Example #3: Gain Scenario with Autocall Redemption Event Calculations: (continued)

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 Indicates Observation Date on which the Autocall Redemption Level is exceeded.  Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

— Solactive Canada Bank 30 AR Index

In this scenario, the Closing Level is at or above the Autocall Redemption Level on the Observation Date that falls 36 months into the term of the Securities. This would constitute an Autocall Redemption Event and, on the next succeeding Interest Payment Date, the Bank would redeem the Securities.

(i) Interest Payments

In this example, there is a Digital Payout Event on each of the 6 Observation Dates prior to the redemption of the Securities because the Closing Level is at or above the Coupon Barrier Level on each such date. Therefore, the Interest Payment of $3.95 per Interest Period would be payable for each Interest Period on the applicable Interest Payment Date (including on the Autocall Redemption Date), for total Interest Payments of:

Principal Amount of Securities × 3.9500% per Interest Period × 6 Interest Periods

$100 × 3.9500% × 6 = $23.70

(ii) Autocall Redemption Amount

The Autocall Redemption Amount per Security is equal to $100.00.

Therefore, the total amounts payable per Security from the Issue Date to the Autocall Redemption Date are:

(a) Total Interest Payments: $23.70

• (b) Autocall Redemption Amount: $100.00

• (c) Total amount paid over the term of the Securities: $123.70

The equivalent annually compounded rate of return in this example is 7.35%.

Initial The initial estimated value of the Securities as of October 7, 2021 was $98.91 per Security, which is less than the price to Estimated the public and is not an indication of the actual profit to the Bank or its affiliates. The actual value of the Securities at any Value: time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. The initial estimated value of the Securities is an estimate only and is based on the value of the Bank’s obligation to make the payments on the Securities. We describe our determination of the initial estimated value in more detail in the Pricing Supplement.

The Solactive Canada Bank 30 AR Index is owned, calculated, administered and published by Solactive AG ("Solactive"), and the name "Solactive" is a registered trademark of Solactive. The Solactive Canada Bank 30 AR Index has been licensed for use by the Bank in connection with the Securities. The Securities are not sponsored, promoted, sold or supported in any other manner by Solactive and Solactive makes no representation or warranty, express or implied, regarding the advisability of investing in such product(s). Solactive does not guarantee the accuracy or completeness of the Solactive Canada Bank 30 AR Index or the Solactive Canada Bank TR Index, any data included therein, or any data from which it is derived, nor has any liability for any errors, omissions, or interruptions therein.

All capitalized terms unless otherwise defined have the meanings ascribed to them in the Pricing Supplement.

Clients should evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences of the proposal before entering into any transaction, or purchasing any instrument. Clients should evaluate such risks and consequences independently of Royal Bank of Canada and the Dealers, RBC Dominion Securities Inc. and Laurentian Bank Securities Inc., respectively.

The Securities will not constitute deposits insured under the Canada Deposit Insurance Corporation Act . The Securities are not fixed income securities and are not designed to be alternatives to fixed income or money market instruments. The Securities are structured products that possess downside risk.

An investment in the Securities involves risks. The Securities are linked to the Underlying Index which reflects (i) the applicable price changes of the constituent securities of the Target Index and any dividends and distributions paid in respect of such securities, without deduction of any withholding tax or other amounts accruing thereon to which an investor holding the constituent securities of the Target Index would typically be exposed, less (ii) the Adjusted Return Factor. An investment in the Securities is not the same as a direct investment in the securities that comprise the Target Index to which the Securities are linked and investors have no rights with respect to the securities underlying such index. The return on the Securities will not reflect the total return that an investor would receive if such investor owned the securities that comprise the Target Index. The Securities are considered to be “specified derivatives” under applicable Canadian securities laws. If you purchase Securities, you will be exposed to changes in the level of the Underlying Index and fluctuations in interest rates, among other factors. Index levels are volatile and an investment in the Securities may be considered to be speculative. Since the Securities are not principal protected and the Principal Amount will be at risk, you could lose substantially all of your investment.

® Registered trademark of Royal Bank of Canada

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