RY Royal Bank of Canada

Contingent Income Auto-Callable Securities due December 22, 2022

With the Coupon and Payment at Maturity Subject to the Performance of the Common Stock of Raytheon Technologies Corporation

Principal at Risk Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, the prospectus supplement and the prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.

	Summary Terms
	Issuer:	Royal Bank of Canada
	Underlying stock:	Raytheon Technologies Corporation common stock (“RTX”)
	Stated principal amount:	$10 per security
	Issue price:	$10 per security
	Pricing date:	December 17, 2021
	Original issue date:	December 22, 2021 (3 business days after the pricing date)
	Valuation date:	December 19, 2022
	Maturity date:	December 22, 2022
	Early redemption:	If, on any of the first three determination dates, beginning in March 2022, the determination closing price of the underlying stock is greater than or equal to the redemption threshold price, the securities will be automatically redeemed for an early redemption payment on the third business day following the related determination date. No further payments will be made on the securities once they have been redeemed.
	Early redemption payment:	The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the related determination date.
	Determination closing price:	The closing price of the underlying stock on any determination date other than the final determination date times the adjustment factor on that determination date.
	Contingent quarterly coupon:	•          If, on any determination date, the determination closing price or the final share price, as applicable, is greater than or equal to the downside threshold price, we will pay a contingent quarterly coupon of $0.1925 (1.925% of the stated principal amount, or 7.70% per annum) per security on the related contingent payment date. •          If, on any determination date, the determination closing price or the final share price, as applicable, is less than the downside threshold price, no contingent quarterly coupon will be made with respect to that determination date.
	Determination dates:	March 17, 2022, June 17, 2022, September 19, 2022 and December 19, 2022, subject to postponement for non-trading days and certain market disruption events. We also refer to December 19, 2022 as the final determination date.
	Contingent payment dates:	With respect to each determination date other than the final determination date, the third business day after the related determination date. The payment of the contingent quarterly coupon, if any, with respect to the final determination date will be made on the maturity date.
	Payment at maturity	•          If the final share price is greater than or equal to the downside threshold price: •          If the final share price is less than the downside threshold price:	(i) the stated principal amount plus (ii) the final contingent quarterly coupon   (i) the stated principal amount multiplied by (ii) the share performance factor

	Share performance factor:	Final share price divided by the initial share price
	Adjustment factor:	1.0, subject to adjustment in the event of certain corporate events affecting the underlying stock
	Redemption threshold price	100% of the initial share price
	Downside threshold price:	80% of the initial share price
	Initial share price:	The closing price of the underlying stock on the pricing date
	Final share price:	The closing price of the underlying stock on the final determination date times the adjustment factor on that date
	CUSIP / ISIN:	78016C127 / US78016C1273
	Preliminary pricing supplement:	https://www.sec.gov/Archives/edgar/data/1000275/000114036121040771/brhc10031656_fwp.htm

---

Royal Bank of Canada has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-688-2301.

Underlying Stock

For more information about the underlying stock, including historical performance information, please see the accompanying preliminary pricing supplement.

Risk Considerations

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to the Terms and Structure of the Securities

Risks Relating to the Estimated Value of the Securities

Risks Relating to the Secondary Market for the Securities

Risks Relating to the Underlying Stock

•

We or our affiliates may have adverse economic interests to the holders of the securities.

•

Hedging and trading activity by our subsidiaries could potentially adversely affect the value of the securities.

•

We may engage in business with or involving the underlying company without regard to your interests.

•

You must rely on your own evaluation of the merits of an investment linked to the underlying stock.

•

The calculation agent, which is a subsidiary of Royal Bank of Canada, will make determinations with respect to the securities.

•

Significant aspects of the income tax treatment of an investment in the securities are uncertain.

•

A 30% U.S. federal withholding tax will be withheld on contingent quarterly coupons paid to non-U.S. holders.