Royal Bank of Canada Files Product Supplement for Stock-Linked Leveraged Index Return Notes (LIRNs)

Overview of Filing

On September 8, 2026, Royal Bank of Canada (RBC) filed a Form 424B5 prospectus supplement (Product Supplement No. STOCK LIRN-1) under Registration Statement No. 333-275898. The supplement outlines the general framework and terms for future offerings of its Leveraged Index Return Notes® ("LIRNs®") linked to one or more equity securities or American Depositary Receipts (ADRs).

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Key Terms & Structure

• Issuer: Royal Bank of Canada (Senior Unsecured Debt ranking equally with all other unsecured and unsubordinated debt).
• Market Measure: Common equity securities, ADRs of unaffiliated issuers, or a basket of two or more underlying stocks.
• Unit Pricing: Standard denomination of $10 per unit unless specified otherwise in applicable pricing supplements / term sheets.
• Upside Return: Provides leveraged participation (Participation Rate typically $\ge 100%$) up to a predetermined Capped Value (if issued as Capped LIRNs).
• Downside Risk: Principal is not protected. If the Ending Value drops below the Threshold Value, investors face 1-to-1 downside exposure, which can result in a partial or total loss of principal.
• No Interest Payments: The notes do not pay periodic interest or dividends.
• Distribution & Calculation Agent: BofA Securities, Inc. (BofAS) acts as selling agent and calculation agent.

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Investment & Risk Highlights

• Credit Risk: Payments at maturity are subject to the creditworthiness and financial health of Royal Bank of Canada.
• Liquidity: The securities will generally not be listed on any exchange; secondary market liquidity will depend on market makers (such as BofAS affiliates) with no obligation to maintain a market.
• Tax Uncertainty: Tax treatment of prepaid forward contracts involves standard U.S. and Canadian regulatory uncertainties detailed in the filing.