Sales Note Disclosures Under the Market Abuse Regime

This disclosure is provided to you on behalf of the Royal Bank of Canada and certain of its branches, subsidiaries and affiliates (each an “RBC Group Company” and collectively, the “RBC Group”). This disclosure is being provided as the contents of this communication may contain an "investment recommendation", as defined by the Market Abuse Regulation EU No 596/2014 ("MAR"). Please therefore be aware of the important disclosures outlined below.

Unless otherwise stated, this communication was completed and first disseminated at the date and time provided on the timestamp of the communication, as applicable. However, it is possible that it may have first been disseminated at an earlier date. If you would like further information on dissemination times, please contact us.

This is a marketing communication and the views on the communication expressed herein are of the individual only (the sender's name and job title appears on the communication). They do not necessarily correspond to, and may differ from, the views of any other individual or entity within the RBC Group.

Further, as a marketing communication, this has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of dissemination.

All sources of information in this communication are reliable, but where there is any doubt as to reliability of a particular source, this is clearly indicated.

Unless otherwise indicated, the information in this communication was based on the individual's own view formed as a result of information available in the market. A summary of any basis of valuation or methodology and the underlying assumptions used to either: (i) evaluate the financial instrument or issuer referred to in this communication or (ii) to set a price target for a financial instrument, as well as an indication and a summary of any changes in the valuation, methodology or underlying assumptions can be made available upon request.

Where the communication includes or implies a recommendation to "buy", "sell" or "hold" or other form of recommendation, this must be understood as being a temporary and short term recommendation, which relates only to the time period immediately following the time the communication was sent, unless otherwise indicated.

All statements and opinions contained in this communication are made as at the date and time of its dissemination and are not held out as being applicable at any point thereafter. There is no intention to update this communication in the future.

The relevant date and time for any price of financial instruments referenced in this communication are as at the date of dissemination, unless otherwise indicated.

Please note, this communication may provide views which differ from previous recommendations made by the same individual in respect of the same financial instrument or issuer in the last 12 months. Information and details regarding previous recommendations in relation to the financial instruments or issuer referred to in this communication can be located at

The person(s) responsible for the production of this communication declare(s) that, as far as they are aware, there are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation, and that where any such relationship, conflict or circumstance exists concerning any financial instrument or issuer to which this recommendation directly or indirectly relates, this has been declared below. This statement applies equally to any persons closely associated with him or her. However, it is possible that persons making communications in relation to a financial instrument may have a holding in that instrument. Further details may be provided on request. The RBC Group has controls in place to manage the risks related to such. An outline of the general approach taken in relation to conflicts of interest, including details as to our procedures in place to identify, manage and control conflicts of interest is available at

An RBC Group Company and/or the RBC Group may in relation to relevant securities have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request from your relationship manager.

An RBC Group Company: (i) may be a market maker in respect of the securities of the company which is the subject of this communication, (ii) may have managed or co-managed a public offering for the issuer which is the subject of this communication in the past 12 months, (iii) may be party to an agreement with the issuer that is the subject of this communication relating to the provision of services of investment firms, and (iv) may be party to an agreement with the issuer that is the subject of this communication relating to the production of this communication. As noted above, we have in place procedures to manage conflicts appropriately. Further information in respect of the details mentioned in this paragraph are available on request.

If you have any questions, please do not hesitate to contact your relationship manager.

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