GLOBAL EQUITY LINKED PRODUCTS  Enhanced Income: Autocallable Contingent CouponBarrier Notes (Lesser Performing)  What are the key features of Autocallable ContingentCoupon Barrier Notes (Lesser Performing) (“Notes”)?  ■■ Enhanced income potential relative to traditional income-  generating investments  ■■ Coupon and maturity payments are contingent upon the  performance of multiple underlying assets, typically single  stocks, exchange traded funds (ETFs), or broad-based equityindexes (the “underlying assets”)  ■■ The Notes can be automatically called by the issuer at fixed  intervals, typically quarterly, during the term of the note  ■■ Payment at Maturity is determined by reference only to the  lesser performing underlying asset  ■■ Senior unsecured debt issued by Royal Bank of Canada (RBC)  ■■ Flexibility to be linked to the performance of multiple  individual stocks, exchange traded funds (ETFs), or broad-based  benchmark equity indexes  ■■ Complement or an alternative to high yield fixed income  investments and/or direct ownership in the underlying assets  Why would an investor purchase the Notes?  An investor would allocate a portion of their diversified portfolioto Notes if they:  ■■ Would like the potential to earn enhanced income, relative  to traditional income generating investments, with exposure to  stocks, ETFs, or equity indexes they otherwise already own and/or are moderately bullish on  ■■ Understand that coupon payments are contingent upon the  performance of least performing of the underlying assets and  that a coupon might not be paid during the term of the noteif any of the underlying assets close below a specified couponbarrier level on the specified observation dates  ■■ Are comfortable with full principal at risk should the level  of the least performing underlying asset be lower than the  principal barrier level at the maturity of the Note  ■■ Are willing to forgo any upside participation in the underlying  assets from their initial levels  ■■ Are comfortable assuming reinvestment risk should the Note  get automatically called before the maturity date  ■■ Are comfortable with assuming the credit risk of the issuer,  Royal Bank of Canada  ■■ Are comfortable with holding the Notes until their stated  maturity if they are not previously called  Selected Risk Factors  ■■ Potential Loss of Principal: Investors will lose some or all of  their initial investment if the return of any of the underlying  assets is below the principal barrier level at maturity and hasnot been previously called. This will be the case even if the otherunderlying assets perform better. The return is not determinedby reference to a basket of underlying assets  ■■ Contingent coupon payments: No coupon will be paid if any  of the underlying assets closes below the coupon barrier level  on the relevant observation dates. Investors may receive nocoupons during the term of the Notes  ■■ Subject to Automatic Call: Notes automatically called if the  level of all of the underlying assets are greater than or equal to  their respective initial levels on specified observation dates. Ifcalled, investors may be unable to reinvest their proceeds in aproduct with a comparable coupon  ■■ Limited Return: The return on the Notes is limited to the  coupon payments, if any. Investors will not participate in any  appreciation of the underlying assets  ■■ No Dividends: Investors do not receive dividends paid by the  underlying assets  ■■ Limited Secondary Markets: Notes may have a limited or no  secondary market. Prior to maturity, the price at which the  Notes can be sold, if at all, may be at a substantial discount fromthe principal amount  ■■ Credit Risk: Notes are senior, unsecured debt of the issuer and,  as such, any market-linked return and payments at maturity are  subject to issuer’s credit risk  ■■ Complex Investments: Notes have some complex features and  may not be suitable for all investors 

 RBC CAPITAL MARKETS  ENHANCED INCOME: AUTOCALLABLE CONTINGENT COUPON BARRIER NOTES (LESSER PERFORMING)  AUTOCALLABLE CONTINGENT COUPON NOTES LINKED TO THE LESSER PERFORMING OF MULTIPLE UNDERLYING ASSETS -PAYOFF PROFILE DURING TERM OF NOTE AND AT MATURITY  The following illustrates hypothetical scenarios of holding a Note and assumes a 25% principal and coupon barrier.  Hypothetical Example  Issuer  Royal Bank of Canada  Term  2 years  Underlying  Two equity indexes  Coupon Barrier Level  70% of initial value of each index  Principal Barrier Level  70% of initial value of each index  Coupon  8% p.a.; paid only if level of the lesser performing index is at or above Coupon Barrier Level on the specified quarterlyobservation dates  Coupon frequency  Quarterly  Autocall Feature  Starting in month 6, automatically called if the level of both indexes are at or above their initial levels on thespecified quarterly observation dates  Quarterly Coupon  If, on a specified observation date before maturity:  Payment  Called?  Note Payoff*  The lesser performing of the indexes is less than its initial level and greaterthan or equal to the coupon barrier level  2% No N/A  The lesser performing of the indexes is less than the coupon barrier level  0%  No  N/A  Both indexes are greater than or equal to their initial levels 2% Yes  Early redemption; full principal is returned  If the note was never called, then at maturity if:  The lesser performing of the indexes is greater than or equal to the principalbarrier level and the coupon barrier  The lesser performing of the indexes is less than the principal barrier level andcoupon barrier level  2% N/A Full principal is returned  1:1 percentage loss from  0% N/A initial value, based on lesser  performing index  *Payment of principal subject to issuer’s credit risk  POTENTIAL RETURN AND AUTOMATIC CALL SCENARIOS PRIOR TO MATURITY  Index 1 Index 1  120% Index 2 120% Index 2  110% Barrier 110% Barrier  Initial Initial  100% 100%  90% 90%  80% 80%  70% 70%  60% 60%  50% 50%  Trade Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Trade Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8  Date First Date First  Call Date Call Date  ■ On the relevant observation date, ■ On the relevant observation date,  the investor will receive a coupon the investor will receive a coupon  of 2% for Q1 and 2% for Q2 of 2% for Q1, a coupon of 2% for  since both Indexes are above the Q2, and a coupon of 2% for Q3  barrier of 70% since both indexes are above the  ■ The note will be called from the barrier of 70% on each respective  POTENTIAL RETURN SCENARIOS AT MATURITY IF NEVER CALLED  Index 1 Index 1  120% Index 2 120% Index 2  110% Barrier 110% Barrier  Initial Initial  100% 100%  90% 90%  80% 80%  70% 70%  60% 60%  50% 50%  Trade Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Trade Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8  Date First Date First  Call Date Call Date  ■ On the relevant observation date, ■ No coupons are paid during  the investor will receive a coupon the term of the note since the  of 2% only for Q8 since both closing price of the lesser  indexes are above the barrier performing index was always  of 70% on such date below the barrier of 70% on each  ■ At maturity, the investor will observation date  investor at the Q2 call date at100% of their principal amountbecause both indexes are above100% of their initial value  date  ■ The note will be called from the investor at the Q3 call date at  100% of their principal valuebecause both Indexes are above100% of their initial value  receive back 100% of theirprincipal, as both indexes areabove the barrier of 70%, but  below 100% of their initial value  ■ At maturity, since the return of Index 1 is -40% (below the  barrier) the investor will fullyparticipate in the decline ofthis index, regardless of the  performance of Index 2, and thustheir return in the note will be  60% of their principal 

 RBC CAPITAL MARKETS  ENHANCED INCOME: AUTOCALLABLE CONTINGENT COUPON BARRIER NOTES (LESSER PERFORMING)  About Royal Bank of Canada (RBC)  ■■ 5th largest bank in N. America, by market capitalization2  ■■ Well-diversified, global financial institution with over 80,000  employees in 40+ countries servicing over 16 million clients  ■■ Approximately US$960billion in total assets3  ■■ One of the highest rated banks globally (S&P AA- / Moody’s A1)4  Selected Risk Factors  ■■ Leading corporate citizen with over $100M in donations,  sponsorships and community investments in 2016, including  the RBC Kids Pledge  An investment in the Notes involves significant risks that will be explained in the applicable offering documents. Before investing in a Note investors shouldcarefully read the offering documents to understand the potential risks. Some general risk considerations for Notes include, but are not limited to the following:  ■ The Notes are unsecured debt obligations of RBC. Investors are dependent on the ability of RBC to pay all amounts due on the Notes, and therefore they aresubject to RBC’s credit risk and to changes in the market’s view of the creditworthiness of RBC.  ■ Investors could lose some or all of their principal if there is a decline in the level of any of the underlying indexes below the principal barrier level and are notcalled prior to maturity.  ■ The Notes will be automatically called if the level of the underlying stock is greater than or equal to its initial level on specified observation dates. If called,investors may be unable to reinvest their proceeds in a product providing a comparable return.  ■ The return potential of the Notes is limited to the contingent coupons, regardless of the appreciation of any of the underlying assets. There may be no couponpayments on the Notes. Additionally, if the Notes are called prior to maturity, investors will not receive any further coupons or other payments after the callsettlement date.  ■ The payment at maturity for the Notes is determine only by reference to the lesser performing underlying assets, even if he other underlying assets performbetter. All payments on the Notes will be determined by reference to each underlying assets individually, not to a basket.  ■ Notes are typically sold at par and include fees and costs such as commissions, hedging costs and projected profits of RBC or its affiliates. Therefore, theestimated initial value (EIV) of a Note on the issue date will be less than the issue price that an investor pays for the Note. Any EIV of a Note does not representRBC’s estimate of the future value of the Note, or any price for which an investor may be able to sell it.  ■ The Notes will not be listed on any securities exchange. RBC and its affiliates are not obligated to maintain a secondary market and may cease market-makingactivities at any time. Any secondary market may not provide significant liquidity or trade at prices advantageous to the investor.  ■ The return on the Notes may be lower than the return investors could earn through a direct investment in the underlying stock or on other investments duringthe same term. The return on the Notes may be less than the return investors could earn if it bought a conventional debt security of RBC.  ■ Investing in the Notes is not the same as owning the underlying stock or a security directly linked to the underlying stock.  ■ The activities of RBC or its affiliates may conflict with investor’s interests and may adversely affect the value of the Notes. Also an affiliate of RBC will serve asthe calculation agent for the Notes who will exercise its judgment when performing its functions. Since the decisions the calculation agent makes will affectthe payments on the notes, the calculation agent may have a conflict of interest with respect to such decisions.  ■ Many economic and market factors will influence the value of the Notes.  ■ Significant aspects of the tax treatment of Notes may be complex and uncertain. Investors should consult with their tax advisor before investing in any Notesto determine the effects of their individual circumstances.  ■ The Notes have complex features and may not be suitable for all investors.  rbccm.com  (1) As of November 17, 2017 actual terms may vary depending on market conditions (2) US$109 billion, as of July 31, 2017, per International FinancialReporting Standards (IFRS) (3) As of July 31, 2017 (4) A credit rating reflects the creditworthiness of RBC is not a recommendation to buy, sell or hold thenotes, and may be subject to revision or withdrawal at any time by the assigning rating organization. The ratings do not provide an indication of the expectedperformance of the notes. The notes themselves will not be independently rated. Each rating should be evaluated independently of any other rating.  The information contained herein has been compiled from sources believed to be reliable by RBC Capital Markets or any of its businesses. Neither RBC CapitalMarkets nor any of its businesses or representatives has undertaken any independent review or due diligence of such sources. RBC Capital Markets is aregistered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and itsaffiliates, including RBC Capital Markets, LLC (member FINRA, NYSE, and SIPC); RBC Dominion Securities, Inc. (member IIROC and CIPF), RBC Europe Limited(authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority), Royal Bank of Canada  - Sydney Branch (ABN 86 076 940 880) and RBC Capital Markets (Hong Kong) Limited (regulated by SFC). ® Registered trademark of Royal Bank of Canada.Used under license. © Copyright 2016. All rights reserved.  This document is for informational purposes only and is not intended to set forth a final expression of the terms and conditions of any offering. Royal Bankof Canada has filed a registration statement (including a product prospectus supplement, a prospectus supplement, and a prospectus) with the SEC for anyoffering to which this document relates. Before you invest, you should read those documents and the other documents relating to the offering that we havefiled with the SEC for more complete information about us and the offering. You may obtain these documents without cost by visiting EDGAR on the SEC Websiteat www.sec.gov. Alternatively, Royal Bank of Canada, any agent or any dealer participating in the offering will arrange to send you the product prospectussupplement, the prospectus supplement and the prospectus if you so request by calling toll-free at 1-877-688-2301.  12/17  17-230A