Generation Uranium Inc. — Capital/Financing Update 2022

Oct 1, 2022

September 30, 2022

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INDEX LINKED SECURITIES | RBC GLOBAL INVESTMENT SOLUTIONS

RBC LiONS™ S&P 500 Linked Fixed 6.85% Securities (USD), Series 14 Non-Principal Protected Security

70% barrier protection

Performance linked to the S&P 500[®] Index

Fixed monthly coupon of US$6.85 per Security p.a.

KEY TERMS

Secondary Market OTC

This summary is qualified in its entirety by a pricing supplement (the “ Pricing Supplement ”), the base shelf prospectus dated March 25, 2022, the program prospectus supplement dated March 28, 2022 and the product prospectus supplement dated March 28, 2022, in respect of index linked securities.

www.rbcnotes.com

	KEY TERMS
	Issuer:	Royal Bank of Canada
	Issuer Credit Ratings:	Moody’s: Aa1; S&P: AA-; DBRS: AA
	Currency:	USD
	Minimum	50 Securities or US$5,000
	Investment:
	Term:	Approximately 3 years
	Principal at Risk:	The Securities are not principal protected.
	Index:	The payment at maturity on the Securities is linked to the price performance of theS&P 500®Index (the “Index”).
		Securities do not represent an interest in the Index or in the securities of the
		companies that comprise the Index, and holders will have no right or entitlement to
		such securities including, without limitation, redemption rights (if any), voting rightsor rights to receive dividends or other distributions paid on such securities (the annual
		dividend yield on the Index as of September 23, 2022 was 1.788%, representing an
		aggregate dividend yield of approximately 5.461% compounded annually over the
	Issue Date:	three-year term, on the assumption that the dividend yield remains constant).October 14, 2022
	Initial Index Level:	The “Initial Index Level” is the Closing Level on September 23, 2022, being
		3,693.23.
	Protection Barrier	The “Protection Barrier Level” for the Index is 70.00% of the Initial Index Level,
	Level:	being 2,585.26.

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.

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KEY TERMS CONTINUED

Final Index Level:	The “Final Index Level” is the Closing Level on September 23, 2025 (the “Final Valuation Date”).
Closing Level:	The “Closing Level” on any date is the official closing level of the Index quoted on www.spglobal.com/spdji for such
	date, as determined by the Calculation Agent.
Maturity Date:	October 14, 2025
Interest Payments:	Holders will receive interest payments (the “Interest Payments” and each an “Interest Payment”) at a fixed interest
	rate of 0.5708% per Interest Period, payable monthly on each Interest Payment Date. On the basis of the foregoing, the
	interest on each US$100 Principal Amount of Securities for an Interest Period would equal US$100 × 0.5708%, or
	US$0.5708. The Interest Payments will not be contingent on or related to the price performance of the Index.
Interest Periods:	The “Interest Period” for an Interest Payment is the period from and including the most recent Interest Payment Date
	to but excluding the subsequent Interest Payment Date, provided that the first Interest Period will commence on, and
	include, the Issue Date and the final Interest Period will end on, but exclude, the Maturity Date.
Interest Payment	The “Interest Payment Date” for the payment of interest will occur on November 14, 2022 and on the 14thday of
Dates:	each month thereafter to and including the Maturity Date. If any such Interest Payment Date is not a Business Day
	(defined in the program supplement), the payment will be made on the first following day that is a Business Day.
Payment at	On the Maturity Date, the amount payable (the “Redemption Amount”) for each US$100 Principal Amount per Security
Maturity:	will be equal to:
	(a)if the Final Index Level is greater than or equal to the Protection Barrier Level, US$100; or
	(b)if the Final Index Level is less than the Protection Barrier Level, an amount equal to US$100 × (Xf/ Xi), but
	in any event not less than US$1.00,
	where:
	“Xf” means the Final Index Level, and
	“Xi” means the Initial Index Level.
	The Redemption Amount will be paid in addition to the Interest Payment that is due on the Maturity Date.
Secondary Market:	OTC
Initial Estimated	The initial estimated value of the Securities as of September 23, 2022 was US$95.89 per Security, which is less than
Value:	the price to 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 time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount.
	We describe our determination of the initial estimated value in more detail in the Pricing Supplement.

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Sample Calculations of Redemption Amount and Interest Payments:

Sample Calculations of Redemption Amount and Interest Payments

The examples set out below are included for illustration purposes only. The levels of the Index used to illustrate the calculation of the Redemption Amount are not estimates or forecasts of the Initial Index Level and Final Index Level, on which the calculation of the Redemption Amount will depend. All examples below assume that a holder of the Securities has purchased Securities with an aggregate principal amount of US$100.00, that no Extraordinary Event has occurred and a Protection Barrier Level of 70.00% of the Initial Index Level. For convenience, each vertical line in the charts below represents the next succeeding Interest Payment Date. Certain dollar amounts are rounded to the nearest whole cent.

Example #1 — Index Significantly Decreases With Payment on the Maturity Date Less Than the Principal Amount

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In this scenario, on the Final Valuation Date, the Final Index Level is below the Protection Barrier Level. The Index has an Initial Index Level (Xi) of 3,693.23 and a Final Index Level (Xf) of 2,400.60. Therefore, the Redemption Amount would be calculated as follows:

Principal Amount of Securities × (Xf / Xi)

US$100 × (2,400.60 / 3,693.23) = US$65.00

Since the monthly coupon of US$0.5708 per Security is not contingent on or related to the performance of the Index, the total Interest Payments during the term of the Securities are as follows:

Principal Amount of Securities × 0.5708% per Interest Period × 36 Interest Periods

US$100 × 0.5708% × 36 = US$20.55

Therefore, the total amounts payable to the holder of a Security during the 36-month period from the Issue Date to the Maturity Date are:

(a) Redemption Amount: US$65.00

• (b) Total Interest Payments made: US$20.55

(c) Total amount paid over the term of the Securities: US$85.55

The equivalent annually compounded rate of return in this example is -5.07%.

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Sample Calculations: Example #2 — Index Slightly Decreases With Payment on the Maturity Date Equal to the Principal Amount (continued)

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In this scenario, on the Final Valuation Date, the Final Index Level is above the Protection Barrier Level. Therefore, the Redemption Amount would be equal to US$100.

Since the monthly coupon of US$0.5708 per Security is not contingent on or related to the performance of the Index, the total Interest Payments made during the term of the Securities are as follows:

Principal Amount of Securities × 0.5708% per Interest Period × 36 Interest Periods

US$100 × 0.5708% × 36 = US$20.55

Therefore, the total amounts payable to the holder of a Security during the 36-month period from the Issue Date to the Maturity Date are:

• (a) Redemption Amount: US$100.00

(b) Total Interest Payments made on Interest Payment Dates: US$20.55

(c) Total amount paid over the term of the Securities: US$120.55

The equivalent annually compounded rate of return in this example is 6.43%.

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Sample Calculations: Example #3 — Index Increases With Payment on the Maturity Date Equal to the Principal Amount (continued)

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In this scenario, on the Final Valuation Date, the Final Index Level is above the Protection Barrier Level. Therefore, the Redemption Amount would be equal to US$100.

Since the monthly coupon of US$0.5708 per Security is not contingent on or related to the performance of the Index, the total Interest Payments made during the term of the Securities are as follows:

Principal Amount of Securities × 0.5708% per Interest Period × 36 Interest Periods

US$100 × 0.5708% × 36 = US$20.55

Therefore, the total amounts payable to the holder of a Security during the 36-month period from the Issue Date to the Maturity Date are:

• (a) Redemption Amount: US$100.00

• (b) Total Interest Payments made on Interest Payment Dates: US$20.55

(c) Total amount paid over the term of the Securities: US$120.55

The equivalent annually compounded rate of return in this example is 6.43%.

The S&P 500[®] Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by the Bank. Standard & Poor's[®] , S&P[®] and S&P 500[®] are registered trademarks of Standard & Poor's Financial Services LLC (“S&P LLC”); Dow Jones[®] is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Bank. The Securities are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P LLC, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500[®] Index.

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. An investment in the Securities is not the same as a direct investment in the securities that comprise the index to which the Securities are linked and investors have no rights with respect to the securities underlying such 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 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.

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® Registered trademark of Royal Bank of Canada