In connection with the potential order transaction outlined, we want to remind you that RBC may trade prior to (including immediately before), concurrently with, or after (including immediately after) the relevant transaction(s), including to execute other client transactions, hedge or source liquidity for market making purposes, to manage our risk, or as part of a previously commenced trading strategy, any of which may potentially conflict with your interests. As noted, we may choose to pre-hedge a client order or client transaction request to enable us to provide liquidity, manage our risk, execute client orders and transactions, or for other legitimate business reasons. The aforementioned RBC trades may impact the price of the relevant market and the price or cost of your transaction(s). Regardless of how we choose to hedge or manage our risk, any profit or loss resulting from that activity will accrue to us. Any such trading will occur in compliance with applicable local laws, rules, and regulations. You understand and acknowledge that all trading activities to be provided by us will be executed in accordance with our standard terms, policies and procedures, including the notice regarding the Global Fixed Income, Currencies and Commodities and Secured Financing Markets.