TORONTO, December 22, 2020 – RBC Global Asset Management Inc. (“RBC GAM Inc.”) today announced the estimated 2020 annual reinvested capital gains distribution amounts for unitholders of RBC ETFs.

Please note that these are estimated amounts only, as of December 15, 2020. The estimates could change if, in addition to the factors noted below under forward-looking information, the RBC ETFs experience subscriptions, redemptions or engage in portfolio transactions prior to the ex-dividend date or for other unforeseen factors.

The annual capital gains distributions for the RBC ETFs generally represent net realized capital gains within the RBC ETFs and are typically not paid in cash, but are reinvested in additional units of the respective RBC ETF. The additional units will be immediately consolidated with the previously outstanding units such that the number of outstanding units following the distribution will equal the number of units outstanding prior to the distribution. The reinvested capital gains distributions will increase the unitholder's adjusted cost base for the respective RBC ETF.

RBC GAM Inc. expects to announce the final annual reinvested distribution amounts on or about December 31, 2020. Unitholders of record as of December 31, 2020 will receive the 2020 annual reinvested capital gains distribution amounts.

The actual taxable amounts of reinvested and cash distributions for 2020, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2021.

The estimated 2020 annual reinvested capital gains distribution amounts per unit for the RBC ETFs are as follows:

FUND NAME	FUND TICKER	ESTIMATED ANNUAL REINVESTED CAPITAL GAINS PER UNIT
RBC 1-5 Year Laddered Canadian Bond ETF	RLB	$0.000
RBC 1-5 Year Laddered Corporate Bond ETF	RBO	$0.000
RBC Target 2021 Corporate Bond Index ETF	RQI	$0.000
RBC Target 2022 Corporate Bond Index ETF	RQJ	$0.000
RBC Target 2023 Corporate Bond Index ETF	RQK	$0.000
RBC Target 2024 Corporate Bond Index ETF	RQL	$0.000
RBC Target 2025 Corporate Bond Index ETF	RQN	$0.390
RBC Target 2026 Corporate Bond Index ETF	RQO	$0.001
RBC Target 2027 Corporate Bond Index ETF	RQP	$0.000
RBC Canadian Discount Bond ETF	RCDB	$0.140
RBC PH&N Short Term Canadian Bond ETF	RPSB	$0.295
RBC Short Term U.S. Corporate Bond ETF	RUSB	$0.080
RBC Short Term U.S. Corporate Bond ETF (USD Units)*	RUSB.U	$0.063
RBC BlueBay Global Diversified Income (CAD Hedged) ETF	RBDI	$0.000
RBC Canadian Preferred Share ETF	RPF	$0.000
RBC Quant Canadian Dividend Leaders ETF	RCD	$0.000
RBC Quant Canadian Equity Leaders ETF	RCE	$0.000
RBC Vision Women’s Leadership MSCI Canada Index ETF	RLDR	$0.000
RBC Canadian Bank Yield Index ETF	RBNK	$0.070
RBC Quant U.S. Dividend Leaders ETF	RUD	$0.000
RBC Quant U.S. Dividend Leaders ETF (USD Units)*	RUD.U	$0.000
RBC Quant U.S. Dividend Leaders (CAD Hedged) ETF	RUDH	$0.085
RBC U.S. Banks Yield Index ETF	RUBY	$0.000
RBC U.S. Banks Yield Index ETF (USD Units)*	RUBY.U	$0.000
RBC U.S. Banks Yield (CAD Hedged) Index ETF	RUBH	$0.000
RBC Quant U.S. Equity Leaders ETF	RUE	$0.030
RBC Quant U.S. Equity Leaders ETF (USD Units)*	RUE.U	$0.024
RBC Quant U.S. Equity Leaders (CAD Hedged) ETF	RUEH	$0.000
RBC Quant European Dividend Leaders ETF	RPD	$0.000
RBC Quant European Dividend Leaders ETF (USD Units)*	RPD.U	$0.000
RBC Quant European Dividend Leaders (CAD Hedged) ETF	RPDH	$0.000
RBC Quant EAFE Dividend Leaders ETF	RID	$0.000
RBC Quant EAFE Dividend Leaders ETF (USD Units)*	RID.U	$0.000
RBC Quant EAFE Dividend Leaders (CAD Hedged) ETF	RIDH	$0.000
RBC Quant EAFE Equity Leaders ETF	RIE	$0.000
RBC Quant EAFE Equity Leaders ETF (USD Units)*	RIE.U	$0.000
RBC Quant EAFE Equity Leaders (CAD Hedged) ETF	RIEH	$0.000
RBC Quant Emerging Markets Dividend Leaders ETF	RXD	$0.000
RBC Quant Emerging Markets Dividend Leaders ETF (USD Units)*	RXD.U	$0.000
RBC Quant Emerging Markets Equity Leaders ETF	RXE	$0.000
RBC Quant Emerging Markets Equity Leaders ETF (USD Units)*	RXE.U	$0.000

* Estimated annual reinvested capital gains distribution per unit ($) amounts are USD for RUSB.U, RUD.U, RUBY.U, RUE.U, RPD.U, RID.U, RIE.U, RXD.U, and RXE.U

Please note that the above estimated annual reinvested capital gains distributions do not include the cash distributions for December 2020, which are reported separately.

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

Forward-looking information

This notice contains forward-looking statements with respect to the annual reinvested capital gains distributions for the RBC ETFs. By their nature, these forward-looking statements involve risks and uncertainties that could cause the actual distributions to differ materially from the estimated distributions set forth in this notice. Factors that could cause the actual distributions to differ from the estimated distributions between now and December 31, 2020 (certain of the RBC ETFs’ tax year end, as applicable) include, but are not limited to: the actual amounts of distributions received by the RBC ETFs; the actual amounts of capital gains generated from sales of securities; trading activity within the RBC ETFs, including buying and selling of securities; and subscription and redemption activity.

Distribution estimates do not denote the yield a client may receive. All values are expressed in Canadian dollars, unless otherwise indicated. Totals may not sum due to rounding. The year-end distribution estimates are provided by RBC GAM Inc. and are for information purposes only. They do not reflect final attributions for tax purposes. For more information, please speak with your investment advisor.

Commissions, management fees and expenses all may be associated with investments in exchange-traded funds (“ETFs”). Please read the applicable prospectus or ETF Facts document before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns. RBC ETFs are managed by RBC GAM Inc., a member of the RBC GAM group of companies and an indirect wholly-owned subsidiary of Royal Bank of Canada.

About RBC Global Asset Management

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $518 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.