加拿大皇家银行美股招股说明书(2025-10-31版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated October 30, 2025 Redeemable Fixed Rate Notes,Due November 12, 2032 Pricing Supplement dated November __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering the Redeemable Fixed Rate Notes (the “Notes”) described below.The Notes will accrue interest at the rate of 4.50% per annum, payable annually. ··We may redeem the Notes in whole, but not in part, as described under “Key Terms” below.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.·The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject toconversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—intocommon shares of Royal Bank of Canada or any of its affiliates under subsection 39.2(2.3) of the Canada DepositInsurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to theapplication of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect ofthe operation of the CDIC Act with respect to the Notes.CUSIP:78014RN48 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-4 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement.None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmentalagency or instrumentality.Per NoteTotal Price to public(1) Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada (1)RBC Capital Markets, LLC will purchase the Notes from us on the Issue Date at purchase prices between $982.50 and$1,000.00 per $1,000 principal amount of Notes, and will pay all or a portion of its underwriting discount of up to $17.50per $1,000 principal amount of Notes to certain selected broker-dealers as a selling concession. Certain dealers whopurchase the Notes for sale to certain fee-based advisory accounts and/or eligible institutional investors may forgo someor all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes inthese accounts and/or for an eligible institutional investor may be as low as $982.50 per $1,000 principal amount of Notes.See “Supplemental Plan of Distribution (Conflicts of Interest)” below. KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together withthese documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements aswell as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas,structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. We have not authorized anyone to provide any information or to make any representations other than those contained orincorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan provide no assurance as to the reliability of, any other information that others may give you. These documents are anoffer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. Theinformation contained in each such document is current only as of its date. If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on the information in this pricing supplement. You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricingsupplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventionaldebt sec