Printed on July 24, 2018 RBC Canadian Equity …

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 Equity Income FundInvestment ObjectiveTo provide a high level of monthly cash flow andrelatively tax efficient distributions consisting primarilyof returns of capital, capital gains and interest incomeand to provide the potential for modest capital DetailsSeriesLoad StructureCurrencyFund CodeANo LoadCADRBF591 AdvDeferred SalesCADRBF856 AdvFront EndCADRBF762 AdvLow LoadCADRBF111 Inception DateAugust 2006 Total Fund Assets $Mil3.

2 A NAV $ A MER % CappedComposite Total ReturnIndexIncome DistributionMonthlyCapital Gains DistributionAnnuallyMonthly Distribution ( /unit) Payout Rate (%)* *Assuming 12 consecutive months at the monthlydistribution set out above. The estimate does not includeany year-end capital gains distributions paid in additionto the regular monthly distribution nor should it beconfused with performance or rates of StatusOpenMin. Investment $500 Subsequent Investment $25 Fund CategoryCanadian Dividend andIncome EquityManagement CompanyRBC Global AssetManagement s investment objective and name changed July 1, Analysisas of May 31, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallEquity StatisticsP/B Mkt Cap.

3 $ Equity Sectors% 10 Holdings% AssetsRoyal Bank of Toronto-Dominion of Nova Energy Financial Natural Resources Asset Management Inc Class Pacific Railway % of Top 10 Number of Stock Holdings92 Total Number of Bond Holdings0 Total Number of Other Holdings4 Total Number of Holdings96 Performance Analysis as of May 31, 20186101418222630 Growth of $10,000 Series A$28, Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile553553548528405326167 No. 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.

4 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 Equity Income FundManagement OverviewManager BiosJennifer McClellandRBC Global Asset Management McClelland is Vice President and SeniorPortfolio Manager, Canadian Equities. Jennifer began herinvestment career in 1993. She is a member of the NorthAmerican Equity team and is responsible for core andincome-oriented Canadian Equity mandates. Jennifer hasa Bachelor Degree in Economics from the University ofWestern Ontario and is a CFA SpilfogelRBC Global Asset Management Spilfogel is Vice President and Senior PortfolioManager, Global Equities.

5 He has been in the investmentindustry since Analysis Cont'd as of May 31, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Gains Return Of Capital EndedEndedEndedEnded2-20102-20122-201411 -20172-20098-20172-20165-2018 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods1301068222 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. 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.

6 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 is currently aroundtwo multiple points lower than the S&P 500, a gapthat seems justified, given the concerns outlinedabove and the fact that the Financials and Energysectors account for more than half of the Canadianmarket s the quarter, the Fund benefited from anoverweight in Real Estate and strong securityselection in Energy. An off-benchmark position inStatoil ASA a Norwegian oil and gas company,67% owned by the Norwegian state was a largecontributor.

7 Statoil is primarily an upstreamcompany and the second-largest supplier ofnatural gas to the European market. Conversely,Utilities was the main detracting sector,particularly due to our off-benchmark holding inPattern Energy Group economic backdrop remains positive by post-crisis standards as many of the macroeconomicindicators monitored by the portfolio managershow 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. On balance, the portfolio managersexpect the positives to outweigh the negatives,further driving potential in the stock on June 13, 2018 2018.

8 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 Equity 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.

9 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.

10 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 half-yearperiod, April 1, to September 30, 2017,expressed on an annualized H and Series I are not available forpurchase by new investors.