Royal Bank of Canada Issues Buffered Performance Leveraged Upside SecuritiesSM Tied to S&P 500 Index

Royal Bank of Canada has issued Buffered Performance Leveraged Upside SecuritiesSM (the 'Buffered PLUS') based on the performance of the S&P 500 Index, with a maturity date of May 3, 2029. The securities are designed to offer investors an equity index-based return and provide leverage and buffer features.

The Buffered PLUS will pay a minimum payment at maturity of only 10% of the stated principal amount, which is $1,000 per security. Investors who hold the securities until maturity will receive the stated principal amount plus a return reflecting the leveraged upside performance of the S&P 500 Index, subject to the maximum payment at maturity.

The Buffered PLUS are senior unsecured debt securities issued as part of Royal Bank of Canada's Senior Global Medium-Term Notes, Series J program. All payments on the Buffered PLUS are subject to the credit risk of Royal Bank of Canada.