Printed on July 24, 2018 RBC Global Energy Fund

1 Printed on July 24, 2018. RBC Global Energy fund Investment Objective Portfolio Analysis as of June 30, 2018. To provide long-term capital growth by investing Asset Mix % Assets Top 25 Holdings % Assets primarily in equity securities of companies throughout Cash Royal Dutch Shell PLC Class A the world involved directly or indirectly in the Fixed Income Chevron Corp exploration, development, production or distribution of Canadian Equity Total SA Energy and Energy -related products, or in activities in the US Equity EOG Resources Inc Energy sector. International Equity Galp Energia SGPS SA Other Concho Resources Inc fund Details Suncor Energy Inc Series Load Structure Currency fund Code ConocoPhillips A No Load CAD RBF462 Equity Style Equity Statistics Diamondback Energy Inc Adv Deferred Sales CAD RBF864 P/B Ratio Anadarko Petroleum Corp Large Mid Adv Front End CAD RBF773 P/E Ratio Canadian Natural Resources Ltd Adv Low Load CAD RBF177 Hess Corp Avg.

2 Mkt Cap. $B Halliburton Co Small Inception Date September 1980 Parex Resources Inc Total fund Assets $Mil Pioneer Natural Resources Co Series A NAV $ Value Blend Growth Exxon Mobil Corp Series A MER % Encana Corp Benchmark MSCI World - Energy (C$). Top 5 Sectors % Equity Phillips 66 Energy Valero Energy Corp Income Distribution Annually Materials RSP Permian Inc Capital Gains Distribution Annually Industrials Marathon Petroleum Corp Consumer Discretionary Kelt Exploration Ltd Sales Status Open Consumer Staples Gran Tierra Energy Inc Min. Investment $ 500. Cabot Oil & Gas Corp Class A Subsequent Investment $ 25.

3 Geographic Allocations % Assets Enerflex Ltd fund Category Energy Equity United States Total % of Top 25 Holdings Canada Total Number of Stock Holdings 39. Management Company RBC Global Asset United Kingdom Total Number of Bond Holdings 0. Management Inc. France Total Number of Other Holdings 2. Web Site Portugal Total Number of Holdings 41. Performance Analysis as of June 30, 2018. 16 Growth of $10,000. 14 Series A. 12 $8,358. 10. 8. 6. 4. 50 Calendar Returns %. Series A. 25. 0. -25. -50. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD. fund 4th 2nd 3rd 3rd 4th 3rd 2nd 1st 3rd 3rd 1st Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.

4 Trailing Return %. fund 1st 3rd 1st 2nd 2nd 1st 3rd Quartile 68 68 66 65 55 44 18 No. of Funds in Category 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 or timely. 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 disclosure page. Printed on July 24, 2018.

5 RBC Global Energy fund Management Overview Manager Bios Performance Analysis Cont'd as of June 30, 2018. Chris Beer Distributions ($)/Unit YTD* 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008. RBC Global Asset Management Inc. Total Distributions . Chris Beer is Vice President and Senior Portfolio Interest . Manager, Canadian and Global Equities. He has been in Dividends . the investment industry since 1993. Capital Gains . Return Of Capital . Brahm Spilfogel RBC Global Asset Management Inc. Best/Worst Periods % Ended 1 Yr Ended 3 Yr Ended 5 Yr Ended 10 Yr Brahm Spilfogel is Vice President and Senior Portfolio Best 8-2005 1-2006 1-2006 8-2008 Manager, Global Equities.

6 He has been in the investment Worst 6-2009 1-2009 6-2013 6-2018 industry since 1991. Average No. of Periods 289 265 241 181. Pct. Positive * Distributions are characterized into income type at year-end. Quarterly Commentary as at June 30, 2018. The Global Energy sector delivered strong gains in partially offset by solid outperformance from Q2 as the price of crude oil broke out from a overweight positions in Parex Resources Inc. and consolidation range, closing out the period at a Hess Corp. healthy $74 per barrel. Robust consumer demand for crude and petroleum products as well as strong The portfolio manager believes that OPEC's compliance from OPEC members to previously decision to bring its production levels to 100%.

7 Announced cuts have meaningfully reduced compliance with its November 2016 established and Global stockpiles. Gains in natural gas prices, targets is not negative for crude and Energy on the other hand, were more subdued, rising 4% equities. Even with Saudi Arabia pumping more, and hovering below USD 3 per million per British supply/demand fundamentals are solid. thermal units. Furthermore, the portfolio manager believes the market still underappreciates numerous risks to The fund 's relative performance versus the benchmark was negatively impacted by a handful supply that could lead to price spikes, including of events that hurt the relative performance of continued deterioration of Venezuela's crude some of its largest overweights.

8 Following the output; capacity constraints limiting production late-March announcement that Concho Resources growth in the Permian; and demand for allies Inc. would acquire RSP Permian Inc. for USD to stop importing Iranian oil by November. On the billion including debt, both stocks underperformed other hand, the portfolio manager sees demand as the market punished the acquirer for paying a destruction from a potential Global economic large premium and questioned whether synergy slowdown due to trade tariffs as the greatest risk targets could be realized. These losses were to Energy markets. 2018. Morningstar Research Inc.

9 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 or timely. 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 disclosure page. Printed on July 24, 2018. RBC Global Energy fund Disclosure RBC Funds, BlueBay Funds, PH&N Funds and implied, are made by RBC GAM, its affiliates RBC Corporate Class Funds are offered by or any other person as to its accuracy, The fund profile is provided for informational RBC Global Asset Management Inc.

10 And completeness or correctness. All opinions purposes only. Particular investments and/or distributed through authorized dealers. and estimates constitute RBC GAM's trading strategies should be evaluated judgment as of the date of this document, are relative to each individual's investment Commissions, trailing commissions, subject to change without notice and are objectives. The information contained in the management fees and expenses all may be provided in good faith but without legal associated with mutual fund investments. responsibility. The Top Ten/25 Holdings may fund profile is not, and should not be Please read the prospectus or fund Facts change due to ongoing portfolio transactions construed as, investment or tax advice.