Printed on July 24, 2018 RBC Canadian Dividend Fund

1 Printed on June 13, 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 Canadian Dividend FundInvestment ObjectiveTo achieve long-term total returns consisting of regulardividend income, which benefits from the preferential taxtreatment given to Dividend income, and modest long-term capital growth.

2 The fund invests primarily incommon and preferred shares of major Canadiancompanies with above average Dividend DetailsSeriesLoad StructureCurrencyFund CodeANo LoadCADRBF266 ANo LoadUSDRBF405 AdvFront EndCADRBF759 AdvLow LoadCADRBF107 AdvLow LoadUSDRBF4405 Adv T5 Front EndCADRBF777 Adv T5 Low LoadCADRBF071T5No LoadCADRBF538T8No LoadCADRBF598 Inception DateJanuary 1993 Total fund Assets $Mil18, A NAV $ A MER % CappedComposite Total ReturnIndexIncome DistributionQuarterlyCapital Gains DistributionAnnuallySales StatusOpenMin. Investment $500 Subsequent Investment $25 fund CategoryCanadian Dividend andIncome EquityManagement CompanyRBC Global AssetManagement Analysis is in CAD and for CAD series Afund (RBF266).

3 Portfolio Analysisas of May 31, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallEquity StatisticsP/B Mkt Cap. $ Equity Sectors% 10 Holdings% AssetsRoyal Bank of Toronto-Dominion of Nova National Railway Asset Management Inc Class of Financial Energy % of Top 10 Number of Stock Holdings79 Total Number of Bond Holdings0 Total Number of Other Holdings6 Total Number of Holdings85 Performance Analysis as of May 31, 2018471013161922 Growth of $10,000 Series A$17, Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile553553548528405326167 No.

4 Of Funds in CategoryPrinted on June 13, 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 Canadian Dividend FundManagement OverviewManager BiosStuart KedwellRBC Global Asset Management Kedwell is Senior Vice President and Co-Head,North American Equities.

5 He has been in the investmentindustry since RaymondRBC Global Asset Management Raymond is Senior Vice President and Co-Head,North American Equities. He has been in the investmentindustry since McCurleyRBC Global Asset Management is Portfolio Manager and North American EquitiesResearch Analyst. Sean holds a Bachelor of Arts fromMcGill University and MBA from Rotman School ofManagement, and is a CFA MillmanRBC Global Asset Management is Portfolio Manager and Analyst for the NorthAmerican equities team, responsible for the ConsumerDiscretionary, Consumer Staples, Health Care andUtilities sectors.

6 He holds a Bachelor of Arts inEconomics from Wilfrid Laurier University and is a Analysis Cont'd as of May 31, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Dividends Gains Return Of Capital EndedEndedEndedEnded7-19973-19985-19983- 20062-20092-20095-20122-2016 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods289265241181 Pct. * Distributions are characterized into income type at Commentary as at March 31, 2018 Uncertainty returned to financial markets in early2018 following a long period of strong returns andminimal volatility that lasted for most of the fiscalyear.

7 The reversal started with strong wage-growth data, which led to concerns that higherinflation may force the Federal Reserve toincrease interest rates at a faster pace thanpreviously anticipated. With markets beginning tofind their feet in the latter stages of February,renewed concerns over trade protectionismresulted in additional valuation of the S&P/TSX Composite Index iscurrently around two multiple points lower thanthe S&P 500 Index, a gap that seems justified,given the concerns outlined above and the factthat the Financials and Energy sectors account formore than half of the Canadian market s selection was a positive contributor toperformance this quarter, particularly in Canada stwo largest sectors, Financials and Energy.

8 InCanada, energy producers have not benefited asmuch from the oil rally due to pipeline bottlenecksand the resulting pricing discounts for Canadianheavy crude. Our overweight positions in CanadianNatural Resources Ltd. and Imperial Oil from performance while our overweightin Husky Energy Inc. contributed positively as thecompany beat on earnings and reinstated economic backdrop remains positive by post-crisis standards as many macroeconomicindicators monitored by the portfolio managersshow reasons to remain positive. While key risksof an aging business cycle, rising interest ratesand protectionism persist, upside potentialremains from structural reforms in Japan and stimulus.

9 On balance, the portfolio managersexpect the positives to outweigh the negatives,further driving potential in the stock on June 13, 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 Canadian Dividend FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc.

10 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.