News Release

RBC Global Asset Management Inc. Announces Estimated Annual Reinvested Capital Gains Distributions for RBC Target Maturity Corporate Bond ETFs

TORONTO, December 19, 2011— RBC Global Asset Management Inc. (RBC GAM) today announced estimated annual reinvested capital gains distributions for the 2011 tax year to unitholders of the RBC Target Maturity Corporate Bond ETFs. Unitholders of record on December 30, 2011, will receive the distributions payable on January 6, 2012. The ex-dividend date will be December 28, 2011.

The annual capital gains distributions for the RBC Target Maturity Corporate Bond ETFs will not be paid in cash, but will be reinvested and reported as a taxable distribution. The effect of the reinvested capital gains distribution will increase an investors’ adjusted cost base for the respective ETF.

For the 2011 tax year, the estimated annual reinvested capital gains distributions for the RBC Target Maturity Corporate Bond ETFs are:

Fund Name Fund Ticker Estimated Capital Gain Reinvested Distribution Per Unit ($) Percent Of Dec. 15, 2011 Net Asset Value Per Unit

RBC Target 2013 Corporate Bond ETF

RQA

-

0.00%

RBC Target 2014 Corporate Bond ETF

RQB

-

0.00%

RBC Target 2015 Corporate Bond ETF

RQC

-

0.00%

RBC Target 2016 Corporate Bond ETF

RQD

$0.0042

0.02%

RBC Target 2017 Corporate Bond ETF

RQE

-

0.00%

RBC Target 2018 Corporate Bond ETF

RQF

-

0.00%

RBC Target 2019 Corporate Bond ETF

RQG

-

0.00%

RBC Target 2020 Corporate Bond ETF

RQH

-

0.00%

These estimated annual reinvested capital gains distributions do not include the fourth quarter cash distributions which are reported in a separate news release.

Possible changes to the estimated annual reinvested capital gains distributions

The estimated annual reinvested capital gains distributions shown above could change if the RBC Target Maturity Corporate Bond ETFs experience subscriptions or redemptions prior to the December 28, 2011, ex-dividend date. RBC GAM will issue a news release on December 28, 2011, which will provide the final amounts.

The actual taxable amounts of cash and reinvested distributions for 2011, including the tax characteristics of the distributions, will be reported to brokers (through Canadian Depository for Securities’ Clearing and Depository Services) in early 2012.

For further information regarding RBC ETFs, please visit rbcgam.com/etfs.

About RBC Global Asset Management and RBC Wealth Management

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), which includes institutional money managers Phillips, Hager & North Investment Management (PH&N), RBC Global Asset Management (U.S.) and BlueBay Asset Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, pooled funds, hedge funds, segregated accounts and specialty investment strategies. RBC GAM group of companies manage approximately $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.

RBC Global Asset Management is part of RBC Wealth Management, which is one of the world’s top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high-net-worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$305 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.

MEDIA ENQUIRIES

Leah Commisso
Corporate Communications
RBC Global Asset Management
Canada and U.S.
416-955-6498
leah.commisso@rbc.com
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