Printed on July 24, 2018 RBC Balanced Fund

1 Printed on July 24, 2018 2018. 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 Balanced FundInvestment ObjectiveTo provide a combination of capital growth and modestincome by investing primarily in a balance of Canadianequities, bonds and short-term debt DetailsSeriesLoad StructureCurrencyFund CodeANo LoadCADRBF272 AdvDeferred SalesCADRBF838 AdvFront EndCADRBF738 AdvLow LoadCADRBF123T5No LoadCADRBF536T8No LoadCADRBF596 Inception DateDecember 1987 Total fund Assets $Mil5, A NAV $ A MER % FTSE TMX CanadaUniverse Bond Index35% S&P/TSX CappedComposite Total ReturnIndex10% S&P 500 Total ReturnIndex (CAD)7% MSCI EAFE TotalReturn Net Index (CAD)3% MSCI EmergingMarkets Total Return NetIndex (CAD)

2 Income DistributionQuarterlyCapital Gains DistributionAnnuallySales StatusOpenMin. Investment $500 Subsequent Investment $25 fund CategoryCanadian NeutralBalancedManagement CompanyRBC Global AssetManagement Analysisas of June 30, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallStatis ticsP/B Mkt Cap. $ 5 Sectors% IncomeBreakdown%Govt. & Term tomaturity (Yrs) Duration(Yrs) to 25 Holdings% AssetsRBC Emerging Markets Equity Bank of Toronto-Dominion of Nova Energy (Government of) S&P/Tsx 60 Index (Government of) Canadian Small & Mid-Cap Res (Government of) National Railway (Province Of) (Province Of) of (Province Of) Natural Resources Quebec Asset Management Inc Class (Province Of) (Government of) (Province Of) (Province Of) (Province Of)

3 3% % of Top 25 Number of Portfolio Holdings599 Total Number of Stock Holdings783 Total Number of Bond Holdings329 Total Number of Other Holdings15 Total Number of Underlying Holdings1,127 Performance Analysis as of June 30, 2018681012141618 Growth of $10,000 Series A$13, Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile680678677662527413152 No. of Funds in CategoryPrinted on July 24, 2018 2018. 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.

4 Past performance is no guarantee of future results. These pages are not complete without the Balanced FundManagement OverviewManager BiosStuart KedwellRBC Global Asset Management Kedwell is Senior Vice President and Co-Head,North American Equities. He has been in the investmentindustry since FijalkowskiRBC Global Asset Management Head of Global Fixed Income and Currencies,Dagmara leads investment teams in Toronto, London andMinneapolis in charge of almost $100 billion in fixedincome assets. She heads management of several bondfunds and manages foreign-exchange hedging and activecurrency overlay programs across a number of , who began her investment career in 1994,holds an MBA from the Richard Ivey School of Business,a Master s degree in economics from the University ofLodz in Poland and is a CFA Analysis Cont'd as of June 30, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Dividends Capital Gains Return Of Capital EndedEndedEndedEnded7-19973-20068-20009- 20052-20092-20095-20128-2010 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods289265241181 Pct.

5 * Distributions are characterized into income type at Commentary as at June 30, 2018 The second quarter of 2018 was marked byescalating trade tensions between the andmuch of the world, as President Trump made goodon his promise to institute billions of dollars intariffs. Against this backdrop, economicgrowth accelerated, while the expansion appearedto slow in Europe and emerging fund s overweight position in equities andunderweight position in fixed income had a neutralimpact on performance. Global government bondswere mixed, with Treasuries finishing theperiod essentially flat while German and Japanesebonds rose. Canadian bonds posted modest gainsduring the period, as the trade conflict and slowingglobal growth capped yields on Government ofCanada debt.

6 Returns were boosted by anoverweight position in longer-term investment-grade fixed equity markets continued to fluctuate in thequarter as the trade conflict moved beyond the and China to engulf Europe and equity prices slumped while Canadianstocks rebounded, supported by rising oil fund s performance was held back by anoverweight position in emerging-market equities,offset by the positive impact of security selectionin Canadian growth slowed in the first half of 2018,but remains at its most solid since the financialcrisis amid fiscal stimulus and business andconsumer optimism. The portfolio managerexpects continued expansion, encouraging centralbanks to nudge rates higher and acting as aheadwind for bond returns. As a result, the Fundremains underweight fixed income, but less sothan at previous points in the cycle.

7 Stocks offermore attractive prospects. The portfolio managerhas been moderating risk-taking but the potentialupside in earnings still justifies a mild overweightin on July 24, 2018 2018. 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 Balanced FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc.

8 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. Mutual funds are notguaranteed or covered by the CanadianDeposit 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.

9 The value ofmutual funds change frequently and pastperformance may not be document has been compiled by RBCG lobal Asset Management Inc. (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 full year period, January 1 toDecember 31, 2017, expressed on anannualized (%) for RBC Corporate Class Funds isbased on actual expenses for the full yearperiod, April 1, 2017 to March 31, H and Series I are not available forpurchase by new investors.

10 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).