An anonymous director reports

RBC GLOBAL ASSET MANAGEMENT INC. ANNOUNCES ESTIMATED ANNUAL REINVESTED CAPITAL GAINS DISTRIBUTIONS FOR RBC ETFS AND ETF SERIES OF RBC FUNDS

Royal Bank of Canada's RBC Global Asset Management Inc. has estimated 2023 annual reinvested capital gains distribution amounts for unitholders of RBC exchange-traded funds and ETF series of RBC funds.

Please note that these are estimated amounts only, as of Oct. 31, 2023. The estimates could change if the RBC ETFs or ETF series of RBC funds, as applicable, 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 and ETF series of RBC funds generally represent net realized capital gains within the RBC ETFs or ETF series of RBC funds, as applicable, and are typically not paid in cash, but are reinvested in additional units of the respective RBC ETF or ETF series of an RBC fund. 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 or ETF series of an RBC fund.

RBC GAM expects to declare the final annual reinvested distribution amounts and final December monthly cash distributions for RBC ETFs and ETF series of RBC funds on or about Dec. 29, 2023. Unitholders of record as of Dec. 29, 2023, will receive the 2023 annual reinvested distribution amounts.

The actual taxable amounts of reinvested and cash distributions for 2023, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2024.

The estimated 2023 annual reinvested capital gains distribution amounts per unit for the RBC ETFs are provided in an attached table.

The estimated 2023 annual reinvested capital gains distribution amounts per unit for ETF series of RBC funds are provided in an attached table.

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