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All products and services of RBC Dominion Securities Inc. are subject to the terms and conditions of the applicable agreements governing their use. The Terms are to be read by you together with any terms, conditions or disclaimers provided in the pages of the Site. In the event of any conflict, the terms provided in the pages of the Site will govern. The information, material and content provided in the pages of the Site (the "Information") may be changed at any time without notice. Changes may be made to the Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access or use of the Site will mean that you agree to any changes.
This material has been compiled by RBC Capital Markets (a business brand name under which Royal Bank of Canada (RBC) and its subsidiaries trade) from sources believed to be reliable, but no representation or warranty, express or implied, is made by Royal Bank of Canada, RBC Capital Markets, its affiliates or any other person as to its accuracy, completeness or correctness. Nothing in this material constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation to clients and prospective clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Neither the information provided nor any opinion expressed constitute an offer to sell or a solicitation of an offer to buy any securities or to take any deposits or provide any financing. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Every province in Canada, every state in the U.S., and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the products and services discussed in this material may not be eligible for sale or otherwise in some jurisdictions. This material is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer or otherwise in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer or otherwise in that jurisdiction. To the full extent permitted by law neither RBC Capital Markets nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this material or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Capital Markets.
To US Residents:
This material has been approved by RBC Capital Markets, LLC which is a U.S. registered broker-dealer and accepts responsibility for this material and its dissemination in the United States.
To Canadian Residents
This material has been approved by RBC Dominion Securities Inc. Any Canadian recipient of this material that is not a Designated Institution in Ontario, an Accredited Investor in British Columbia or Alberta or a Sophisticated Purchaser in Quebec (or similar permitted purchaser in any other province) and that wishes further information
regarding, or to effect any transaction in, any of the securities discussed in this material should contact and place orders with RBC Dominion Securities Inc., which, without in any way limiting the foregoing, accepts responsibility for this material and its dissemination in Canada.
To U.K. Residents:
This material has been approved by RBC Europe Limited ("RBCEL"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, in connection with its distribution in the United Kingdom. This material is not for distribution to private customers as defined by the FSA. RBCEL accepts responsibility for this material and its dissemination in the United Kingdom.
To Australian Residents:
This material has been distributed in Australia by Royal Bank of Canada - Sydney Branch (ABN 86 076 940 880, AFSL 246521). This material has been prepared for general circulation and does not take into account the objectives, financial situation or needs of any recipient. Accordingly, any recipient should, before acting on this material, consider the appropriateness of this material having regard to their objectives, financial situation and needs. If this material relates to the acquisition or possible acquisition of a particular financial product or service, a recipient in Australia should obtain any relevant disclosure document prepared in respect of that product and consider that document before making any decision about whether to acquire the product.
To Hong Kong Residents:
This publication is distributed in Hong Kong by Royal Bank of Canada - Hong Kong Branch. It is for distribution in Hong Kong only to persons who are both within paragraphs (a) to (h) of the definition of "professional investor" as set out in Part 1 of Schedule 1 to the Hong Kong Securities and Futures Ordinance (Cap. 571) ("SFO") and whose ordinary business is to buy or sell shares or debentures. It may not be distributed to, or acted or relied upon by, anybody else. Royal Bank of Canada is not currently licensed under the SFO to carry on any activities regulated under the SFO. In particular and notwithstanding anything else in this publication, this publication is not and should not be construed as Royal Bank of Canada (or any affiliate or anyone else) offering or holding itself out as being willing or able to provide any service or to carry on any activity which it is not licensed to provide or carry on in Hong Kong, including the regulated activities of "dealing in securities," "dealing in futures contracts," "advising on securities," "advising on futures contracts," "advising on corporate finance" or "asset management" (each as defined in Part 2 of Schedule 5 to the SFO). However, Royal Bank of Canada may carry on certain activities regulated under the SFO without being licensed under the SFO, including dealing in securities as principal with counterparties and investors who are "professional investors" as described above. Furthermore, this publication is not and should not be construed as an offer to take (or to enter into any agreement to take) any deposit, or as an invitation or solicitation to anyone to make any deposit (or to enter into any agreement to make a deposit) with anyone other than Royal Bank of Canada - Hong Kong Branch.
To Japanese Residents:
Securities business (as defined under the Securities and Exchange Law) in Japan will be carried out by RBC Capital Markets (Japan) Ltd. Tokyo Branch in compliance with all applicable laws and regulations. Banking business (as defined under the Banking Law) in Japan will be carried out by Royal Bank of Canada, Tokyo Branch in compliance with all applicable laws and regulations. RBC Capital Markets (Japan) Ltd. Tokyo Branch is a member of the Japan Securities Dealers' Association (JSDA).
To Singapore Residents:
This material is distributed in Singapore by Royal Bank of Canada, a bank approved under the provisions of the Monetary Authority of Singapore Act (Cap. 186). Past performance is not indicative of future performance.
LOCAL LAWS; EXPORT CONTROL
It is important to note that not all of the products, services and Information are available in all provinces or in jurisdictions outside Canada. The Information does not constitute an offer or solicitation to buy or sell any security, currency, investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. For information specific to any specific provincial jurisdiction, please contact your sales representative. The terms and conditions applicable to any product, service or information will be those determined at the time of provision of the product, service or information. Please be aware of the laws of your country or that otherwise apply to you in relation to any of the matters described in these pages. If you choose to access the Site from outside of Canada, you do so on your own initiative and are responsible for compliance with applicable local, national or international laws. You may not use or export or re-export the Information or any copy or adaptation in violation of any applicable laws or regulations, including export laws and regulations of Canada in force from time to time. THE SERVICES OF RBC DOMINION SECURITIES INC. ARE NOT AVAILABLE TO U.S. RESIDENTS.
NOT OFFERING ANY ADVICE
The Information is for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. You should not act or rely on the Information without seeking the advice of a professional.
RBC Dominion Securities Inc. and its affiliates, officers, directors, employees or agents ("RBC Capital Markets") provide the Site and the Information on an "as is, where is" basis and do not make any express or implied warranties, representations, endorsements or conditions with respect to the Site or the Information, including without limitation, warranties as to merchantability, operation, non-infringement, usefulness, completeness, accuracy, currentness, reliability and fitness for a particular purpose. Further, RBC Capital Markets does not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and backup of data and/or equipment and to take reasonable and appropriate precautions to scan for computer viruses or other destructive properties.
Any unprotected E-Mail communication over the Internet is, as with communication via any other medium (e.g. cellular phones, post office mail), not confidential, subject to possible interception or loss, and is also subject to possible alteration. RBC Capital Markets is not responsible for and will not be liable to you or any one else for any damages in connection with an E-Mail sent by you to RBC Capital Markets or an E-Mail sent by RBC Capital Markets to you at your request.
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Links from or to web sites outside the Site are meant for convenience only. RBC Capital Markets does not review, endorse, approve or control, and is not responsible for any sites linked from or to the Site, the content of those sites, the third parties named therein, or their products and services. Linking to any other site is at your sole risk and RBC Capital Markets will not be responsible or liable for any damages in connection with linking. Links to downloadable software sites are for convenience only and RBC Capital Markets is not responsible or liable for any difficulties or consequences associated with downloading the software. Use of any downloaded software is governed by the terms of the license agreement, if any, which accompanies or is provided with the software.
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