Printed on July 24, 2018 RBC Canadian Dividend 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 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 June 30, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallEquity StatisticsP/B Mkt Cap. $ Equity Sectors% 25 Holdings% AssetsRoyal Bank of Toronto-Dominion of Nova National Railway Asset Management Inc Class of Natural Resources Energy Financial Pacific Railway Companies Life Financial Communications Inc Class Oil Financial Holdings Corporation of Reuters Pipeline Royalty % of Top 25 Number of Stock Holdings77 Total Number of Bond Holdings0 Total Number of Other Holdings9 Total Number of Holdings86 Performance Analysis as of June 30, 2018471013161922 Growth of $10,000 Series A$17.

4 Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile564555552534413327167 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. 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. He holds a Bachelor of Arts inEconomics from Wilfrid Laurier University and is a Analysis Cont'd as of June 30, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Dividends Gains Return Of Capital EndedEndedEndedEnded7-19973-19986-19983- 20062-20092-20095-20122-2016 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods289265241181 Pct.

6 * Distributions are characterized into income type at Commentary as at June 30, 2018 The Canadian stock market rebounded well in Q2,led by strength in the Energy sector. However,domestic economic growth slowed and concernabout trade protectionism intensified as the periodprogressed, leading the Bank of Canada to take amore cautious approach toward raising interestrates. The combination of rising borrowing costs, aweaker housing market and uncertainty about thefuture of the North American Free TradeAgreement conspired to dampen Canadian fund had strong security selection in Q2,benefiting from an underweight in BCE Inc.

7 Asinterest-rate-sensitive sectors, such asTelecommunication Services and Utilities, haveunderperformed this year amid higher bond also benefited from overweights in oil and gascompanies, Imperial Oil Corp. and CanadianNatural Resources Inc., which have seen stock-price appreciation with rising crude , we were hurt by an underweight inCanadian technology, although it s a small sectorin Canada. We didn t own top performerConstellation Software Inc., which hasdemonstrated its ability to rapidly compoundcapital through valuations have been a significantsource of gains for stocks during this long bullmarket, but sustained earnings growth will becritical to drive stocks higher from are for the positive trend in earningsto persist and our scenario analysis suggests areasonable outcome is for stocks to deliverpositive returns this year and next.

8 Weacknowledge, however, that any deterioration inthe outlook for earnings would leave marketsvulnerable to correction, given currentlydemanding 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 Canadian Dividend FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc.

9 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.

10 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 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.