Disclaimer for OTC Derivatives

This material has been prepared and distributed by RBC Capital Markets for informational and marketing purposes only and should not be construed as an opinion as to whether you should enter into any over-the-counter derivative transaction (including, but not limited to, an interest rate swap, FX swap, FX forward, etc.) (“OTC Derivative Transaction”) or engage in any related trading strategy.  It is important that you (or anyone exercising discretion on your behalf) understand the risk of loss prior to entry into each transaction, regardless of any prior experience in financial transactions.  OTC Derivative transactions are subject to a variety of risks and the materials available at https://www.rbccm.com/en/legal/dodd-frank-disclosures.page are provided for your benefit to understand factors to consider when entering into such transactions. The disclosures have been developed as market standard disclosures and cover a wide array of products and instruments and generally describe the material characteristics, materials risks and typical material incentives and conflicts of interest that may arise in OTC Derivative transactions. You should read carefully any transaction-specific disclosures, economic terms and such other information contained in any documentation or provided to you in relation to the transaction.

There is no assurance that the transaction will provide you with a positive or anticipated return, that any such returns will be consistent with past performance or such transaction will achieve your desired hedging objectives. You must carefully review each transaction’s particular structure, including any terms incorporated by reference, in consultation with your own legal, financial, tax or accounting advisors.  We are not providing you with legal, financial, tax, accounting, or other advice in connection with any transaction.

THIS COMMUNICATION HAS BEEN GENERATED BY ONE OR MORE EMPLOYEES OF RBC CAPITAL MARKETS AND IS BEING CONVEYED TO YOU AS A SOLICITATION (FOR PURPOSES OF 17 CFR §§1.71(a)-(c) AND 23.605) FOR ENTERING INTO A DERIVATIVES TRANSACTION.

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