Printed on July 24, 2018 RBC Global Precious …

1 Printed on October 23, 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 Global Precious Metals FundInvestment ObjectiveTo provide long-term capital growth by investingprimarily in equity securities of companies throughoutthe world involved directly or indirectly in theexploration, mining and production of Precious metals(gold, silver and platinum) and in bullion, coins, receiptsand DetailsSeriesLoad StructureCurrencyFund CodeANo LoadCADRBF468 AdvDeferred SalesCADRBF865 AdvFront EndCADRBF774 AdvLow LoadCADRBF178 Inception DateOctober 1988 Total Fund Assets $ A NAV $ A MER % Global GoldIndexIncome DistributionAnnuallyCapital Gains DistributionAnnuallySales StatusOpenMin.

2 Investment $500 Subsequent Investment $25 Fund CategoryPrecious Metals EquityManagement CompanyRBC Global AssetManagement Analysisas of September 30, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallEquity StatisticsP/B Mkt Cap. $ 5 Sectors% Allocations% te D' 25 Holdings% AssetsKirkland Lake Gold Eagle Mines Mining Mining Gold Mines Gold Gold Gold Gold Resources Star Resources Silver Gold Gold Resources Metals Mining Sun Mining Resources Gold Mining Gold % of Top 25 Number of Stock Holdings88 Total Number of Bond Holdings2 Total Number of Other Holdings1 Total Number of Holdings91 Performance Analysis as of September 30, 2018261014182226 Growth of $10,000 Series A$9, Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile53515150454228 No. of Funds in CategoryPrinted on October 23, 2018 2018 . Morningstar Research Inc.

3 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 Global Precious Metals FundManagement OverviewManager BiosChris BeerRBC Global Asset Management Beer is Vice President and Senior PortfolioManager, Canadian and Global Equities. He has been inthe investment industry since SpilfogelRBC Global Asset Management Spilfogel is Vice President and Senior PortfolioManager, Global Equities. He has been in the investmentindustry since SchokRBC Global Asset Management is Portfolio Manager and Senior Analyst forglobal resources and Precious metal strategies.

4 Jeffreybegan his investment career in 2006 and is a Analysis Cont'd as of September 30, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Distributions Interest Dividends Capital Gains Return Of Capital EndedEndedEndedEnded2-199611-20034-20061 2-201010-200812-201312-20152- 2018 Best/Worst Periods %1 Yr3 Yr5 Yr10 of Periods289265241181 Pct. * Distributions are characterized into income type at Commentary as at September 30, 2018 Gold and silver prices remained under pressureduring Q3 as the dollar maintained its relativestrength versus Global currencies and bond yields rose to their highest levelssince 2011, although inflation expectationsremained flat. Mounting trade tensions betweenthe , China, Canada and Europe did little tostimulate safe-haven buying of Precious metals. Infact, outflows from ETFs that hold physical goldaccelerated during the period.

5 Despite repeatedcomments by President Trump suggesting that Federal Reserve (Fed) should ease off raisinginterest rates, it appears likely that the Fed willraise its benchmark rate once again in Decemberas economic data remains robust. As a result ofthese headwinds, the gold price fell 5% in Q3,ending the period at $1,191 per ounce. Silverprices underperformed gold, tumbling 9%, whileplatinum declined 4%. Palladium was the onlybright spot, up 13%.Given the challenging commodity backdrop, Precious metal equities, on average, fell sharply inQ3. The Fund s relative performance was positivelyimpacted by a sizeable overweight position inWesdome Mining which rose 15% on optimism forits Kiena project. Kirkland Lake Gold, AurionResources and Northern Star Resources alsopositively contributed to relative performance. Thelargest detractor to value-add was an underweightposition in AngloGold our view, Precious metal equities remain poisedto take advantage of any economic stumbles thatcould disrupt the Fed s ability to raise interestrates or weaken the dollar.

6 Renewedgeopolitical tensions involving Russia or NorthKorea could also be a positive catalyst. Theworsening of Global trade tensions also has thepotential to drive gold higher, although this is yetto be seen. The Fund continues to invest primarilyin higher-quality companies with superior assets,good cost controls and disciplined on October 23, 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 Global Precious Metals FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc.

7 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. The value ofmutual funds change frequently and pastperformance may not be document has been compiled by RBCG lobal Asset Management Inc.

8 (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 half-year period, January 1 to June30, 2018 , expressed on an annualized (%) 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. 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.

9 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). Quartilerankings are comparisons of the performanceof a fund to other funds in a particularcategory and are subject to change quartiles divide the data into four equalsegments expressed in terms of rank (1, 2, 3or 4). This is the Morningstar quartile rankingof Series A and F units of the Fund as ofSeptember 30, 2018 . / Trademark(s) of Royal Bank of under licence. RBC Global AssetManagement Inc. 2018