Mr. Brandon Dorey reports

RBC GLOBAL ASSET MANAGEMENT INC. ANNOUNCES FINAL VALUATION OF SEVEN RBC ETFS

RBC Global Asset Management Inc. (RBC GAM) has released the final valuation of seven RBC exchange-traded funds (ETFs).

As announced earlier this year, RBC Target 2025 Canadian Government Bond ETF, RBC Target 2025 Canadian Corporate Bond Index ETF and RBC Target 2025 U.S. Corporate Bond ETF matured effective at the close of business today, Friday, Sept. 12, 2025. In addition, four RBC ETFs, RBC U.S. Banks Yield Index ETF, RBC U.S. Banks Yield (CAD Hedged) Index ETF, RBC Quant Emerging Markets Dividend Leaders ETF and RBC PH&N Short Term Canadian Bond ETF were terminated effective at the close of business today.

The RBC ETFs were voluntarily delisted from the Toronto Stock Exchange, at the request of RBC GAM, effective at the market close on Wednesday, Sept. 10, 2025.

The proceeds from the liquidation of the assets, less all liabilities and expenses incurred in connection with the maturity or termination of each of the RBC ETFs, as the case may be, are detailed in the attached table.

The termination proceeds paid to each unitholder is the sum of the final distribution (if any) per unit, plus the postdistribution NAV (net asset value) per unit indicated in the attached table, and represents the remaining net assets of the applicable RBC ETF.

Each unitholder will receive the termination proceeds on a pro rata basis and no further action is required by unitholders.

The termination proceeds will be paid out to CDS Clearing and Depository Services Inc. and will be received by investors based on individual brokerage processing times.

About RBC Global Asset Management Inc.

RBC GAM is the asset management division of Royal Bank of Canada. 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. RBC funds, BlueBay funds, PH&N funds and RBC ETFs are offered by RBC GAM and distributed through authorized dealers in Canada. The RBC GAM group of companies, including RBC GAM (including PH&N Institutional), manages approximately $740-billion in assets and has approximately 1,600 employees located across Canada, the United States, Europe and Asia.