$18,652,040 Contingent Income Auto-Callable Securities With the Coupon and Payment at Maturity Subject to the Performance of the Common Stock of Wynn Resorts, Limited due May 26, 2022, priced on May 21, 2021, were issued by Royal Bank of Canada. The pricing supplement for this note (CUSIP: 78014U129) can be found here.

The notes had a $10 face value and paid a quarterly coupon of $0.26875, so long as the notes had not been called and and Wynn Resorts all closed above 65% of their May 21, 2021 closing prices on a determination date. If and Wynn Resorts closed below 65% of their May 21, 2021 closing prices on a determination date, the notes did not pay a coupon.

If not previously called, at maturity, the notes returned $10 in principal if and Wynn Resorts all closed on the final determination date on May 23, 2022 and above 65% of their May 21, 2021 closing prices. If on May 23, 2022 and Wynn Resorts closed below 65% of their May 21, 2021 closing prices, the notes paid reduced principal euqal to $10 multiplied by the lowest ratio of and Wynn Resorts May 23, 2022 closing prices to their May 21, 2021 closing prices.

The notes have matured. They paid five coupons totaling $0.80625 and $4.86 repayment per $10 note. Investors thus suffered capital losses of $5.14 and net losses of $4.33.^† In the aggregate, investors in this note suffered $9,580,845 in capital losses and $8,077,025 in net losses. See Table 1 and Figure 1.

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† SLCG estimated these losses based on publicly available information. The issuer ultimately determines the amounts paid which may differ from our estimates. Our reference to capital loss and net loss does not imply SLCG's view of how these losses are treated for tax purposes.

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SLCG Economic Consulting, LLC ("SLCG") specializes in finance, economics, and investment management consulting services. We offer expert witness services tailored to meet the needs of law firms, banks, brokerage firms, and individuals navigating complex litigation. Our team predominantly comprises PhD and MA-level professionals with varied backgrounds spanning academia, industry, and government. Numerous team members have offered expert testimony in state and federal courts, as well as in diverse arbitration forums.

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