PH&N Dividend Income Fund - Personal Investors

1 Printed on January 23, 2019 2019. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the Compliant PDFPH&N Dividend Income FundInvestment ObjectiveTo provide long-term capital growth and Income byinvesting primarily in a well-diversified portfolio ofdividend Income -producing Canadian securities that havea relatively high DetailsSeriesLoad StructureCurrencyFund CodeDNo LoadCADRBF1150 Inception DateJune 1977 Total fund Assets $Mil2, D NAV $ D MER % S&P/TSX DividendTR; S&P/TSX DividendTR ex Energy & Materials,but including Oil & GasRefining & Marketing andOil & Gas Storage &Transportation Sub-industriesIncome DistributionQuarterlyCapital Gains DistributionAnnuallySales StatusOpenMin.

2 Investment $500 Subsequent Investment $25 fund CategoryCanadian Dividend andIncome EquityManagement CompanyRBC Global AssetManagement Analysisas of December 31, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallEquity StatisticsP/B Mkt Cap. $ Equity Sectors% 25 Holdings% AssetsRoyal Bank of Toronto-Dominion of Nova National Railway of Asset Mgmt Inc Cl Financial Energy Life Financial Pacific Railway Natural Resources Couche-Tard Inc Pipeline Communications Inc Class Property Connections Financial Fleet Management % of Top 25 Number of Stock Holdings60 Total Number of Bond Holdings0 Total Number of Other Holdings2 Total Number of Holdings62 Performance Analysis as of December 31, 2018471013161922 Growth of $10,000 Series D$15, Returns %Series DFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile650649622608485369182 No.

3 Of Funds in CategoryPrinted on January 23, 2019 2019. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the Dividend Income FundManagement OverviewManager BiosScott LysakowskiPhillips, Hager & North Investment ManagementScott is the Head of Canadian Equities for PH&NInvestment Management and Senior Portfolio Manageron the team s core Canadian equity strategies. He joinedthe firm in 2002, where he was a senior research analystand portfolio manager with the Toronto-based Canadianequity team before moving to Vancouver to join thePH&N IM team in 2009.

4 Prior to being named Head in2018, Scott was Co-Head of the team since 2012. Scottis a CFA Analysis Cont'd as of December 31, 2018 Distributions ($)/Unit2018*201720162015201420132012201 1201020092008 Total Dividends Gains Return Of Capital EndedEndedEndedEnded7-19973-199812-20003 -20062-20092-20092-20092-2016 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods289265241181 Pct. * Final distribution attribution (interest, dividends, capital gains and return of capital) for 2018 will be reflected withJanuary month-end Commentary as at December 31, 2018At the security level, the largest contributor torelative performance was Quebecor. Thecommunications company s wireless segmentcontinues to experience new subscriber growththanks to a well-established competitive positionin Quebec relative to other industry positioning in Consumer Staples was also adetractor to relative performance this quarter.

5 TheDIF holds only one grocer, Loblaws. The Canadiansupermarket chain had an uptick in growth overthe quarter as same-store sales , food inflation continues to be weak,which has led to an overall halt in square footageexpansion across the sector. We also remaincautious about retailers that have a strongonline presence, namely Walmart and Amazon,and their impact on the competitiveness ofCanadian grocers. One company within the sectorwe do like is Alimentation Couche-Tard, aconvenience store operator, which continues todeliver strong results and remains a topcontributor over the holdings in the Materials sector contributedto performance for the period. Outstanding returnswere exhibited from positions in Agnico EagleMines and Kirkland Lake. Agnico continues todeliver exceptional production figures, great costdiscipline and excellent financial results.

6 KirklandLake is well positioned for solid results headinginto 2019 and raised guidance during the quarteras Energy sector continued to underperform thisquarter due to an oversupply of oil in WesternCanada, as oil prices realized by Canadianproducers reached historical lows in oil prices improved towards the end ofthe quarter, supported by the announcement ofmandatory oil production cuts. Combating theresults in energy was a strategic position inEnbridge. The company has continuously producedhealthy core revenue growth while simultaneouslysimplifying their corporate structure and de-riskingtheir balance on January 23, 2019 2019. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely.

7 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the Dividend Income FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc. anddistributed through authorized , trailing commissions,management fees and expenses all may beassociated with mutual fund read the prospectus or fund Factsdocument before investing. Except asotherwise noted, the indicated rates of returnare the historical annual compounded totalreturns including changes in unit value andreinvestment of all distributions and do nottake into account sales, redemption,distribution or optional charges or incometaxes payable by any unitholder that wouldhave reduced returns.

8 Mutual fund securitiesare not guaranteed or covered by the CanadaDeposit Insurance Corporation or by any othergovernment deposit insurer. For moneymarket funds, there can be no assurancesthat the fund will be able to maintain its netasset value per unit at a constant amount orthat the full amount of your investment in thefund will be returned to you. The value ofmutual funds change frequently and pastperformance may not be , Hager & North InvestmentManagement (PH&N IM) is a division of RBCG lobal Asset Management Inc. (RBC GAM).RBC GAM is the fund manager and theprincipal portfolio adviser of PH&N principal distributor of PH&N Funds isPhillips, Hager & North Investment Funds Ltd.(PH&NIF), which uses the trade name PH&NInvestment Services. RBC GAM is an indirect,wholly-owned subsidiary of Royal Bank document has been compiled by RBCG lobal Asset Management Inc.

9 (RBC GAM)from sources believed to be reliable, but norepresentations or warranty, express orimplied, are made by RBC GAM, its affiliatesor any other person as to its accuracy,completeness or correctness. All opinionsand estimates constitute RBC GAM'sjudgment as of the date of this document, aresubject to change without notice and areprovided in good faith but without legalresponsibility. The Top Ten/25 Holdings maychange due to ongoing portfolio transactionswithin the fund . The Prospectus and otherinformation about the underlying investmentfunds are available at (%) for RBC Funds, PH&N Funds andBlueBay Funds is based on actual expensesfor the preceding calendar year or mostrecent half-year period ended June 30expressed on an annualized basis, dependingon availability of data at the time (%) for RBC Corporate Class Funds isbased on actual expenses for the precedingfull year period ended March 31 or half-yearperiod ended September 30 expressed on anannualized basis, depending on availability ofdata at the time of publication.

10 Series H and Series I are not available forpurchase by new Investors . Existinginvestors who hold Series H or Series I unitscan continue to make additional investmentsinto the same series of the funds they are only used to illustrate the effectsof the compound growth rate and do notreflect future values of any fund or returns oninvestment of any fund profile is provided for informationalpurposes only. Particular investments and/ortrading strategies should be evaluatedrelative to each individual s investmentobjectives. The information contained in thefund profile is not, and should not beconstrued as, investment or tax advice. Youshould not act or rely on the informationcontained in the fund profile without seekingthe advice of an appropriate rankings are determined byMorningstar Research Inc., an independentresearch firm, based on categoriesmaintained by the Canadian InvestmentFunds Standards Committee (CIFSC).