Printed on July 24, 2018 RBC Target 2025 Education …

1 Equity styleThese pages are not complete without the disclosure page. For more details visit analysis for Series A as of March 31, 2021 Portfolio analysis as ofMarch 31, 2021 Calendar returns %RBC Target 2025 Education Fund Growthof $10,000 SeriesA $17,065 Weight %>5025-5010-250-101 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince return % Quartile40383837312614 # of funds in categoryAsset Assets Cash Fixed income Canadian equities equities European equities Asia-Pacific equities Emerging markets equities Investment ,initsearlyyears,toanemphasisonmoneymark etfundsasits" Target "date(2025) , detailsSeriesLoad structureCurrencyFund codeA No load CAD RBF595 Inception dateJuly 2007 Total fund assets $MM1, A NAV $ A MER % distributionAnnuallyCapital gains distributionAnnuallySales statusOpenMinimum investment $500 Subsequent investment $25 Risk ratingLow to mediumFund category2025 Target Date Canada Universe Bond 500 Total Return Index (C$) Capped Composite Total Return EAFE Total Return Net Index (C$) Emerging Markets Total Return Net Index (CAD)EquitycharacteristicsDividend yield (%) earningsratio (forward) ($Bn) analysis continuedas ofMarch 31, 2021 These pages are not complete without the disclosure page.

2 For more details visit Target 2025 Education Fund Top 25 holdings% AssetsRBC Bond Fund -Series Canadian Short-Term Income Fund -Series Global Bond Fund -Series , Hager & North Total Return Bond Fund -Series Canadian Equity Fund -Series European Equity Fund -Series O'Shaughnessy Value Fund (Unhedged) -Series Canadian Dividend Fund -Series QUBE Low Volatility Canadian Equity Fund -Series Equity Fund -Series , Hager & North Multi-Style All-Cap Equity Fund -Series Private Large-Cap Core Equity Pool -Series Emerging Markets Equity Fund -Series Mid-Cap Growth Equity Fund -Series Asia Pacific ex-Japan Equity Fund -Series Japanese Equity Fund -Series % of top 25 biosSarah Riopelle, RBC Global Asset Management , ' ($)/unit*YTD2020201920182017201620152014 201320122011 Interest Canadian dividends dividends taxes paid gains of capital Total *Income type characterization and foreign taxes paid for the previous year, are reported at or around January month-end.

3 Distributions reported are for the same series as the performance analysis. For distributions on other series please visit to maturity (%) yield (%) Duration (years) maturity(years) sector allocation %Financials Information Technology Industrials Consumer Discretionary Consumer Staples Health Care Communication Services Materials Energy Utilities Real Estate Unclassified Fixed income breakdown%Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities RBC Target 2025 Education FundThese pages are not complete without the disclosure page. For more details visit Funds, BlueBay Funds, PH&N Funds and RBC Corporate Class Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers.

4 Phillips, Hager & North Investment Management (PH&N IM) is a division of RBC Global Asset Management , trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or Fund Facts document before investing. Except as otherwise noted, the indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed or covered by the Canadian Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment inthe fund will be returned to you.

5 The value of mutual funds change frequently and past performance may not be document has been compiled by RBC Global Asset Management Inc. (RBC GAM) from sources believed to be reliable, but no representations or warranty, express or implied, are made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates constitute RBC GAM's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility. The Top Ten/25 Holdings may change due to ongoing portfolio transactions within thefund. The Prospectus and other information about the underlying investment funds are available at (%) for RBC Funds, PH&N Funds and BlueBay Funds is based on actual expenses for the preceding calendar year or most recent half-year period ended June 30 expressed on an annualized basis, depending on availability of data at the time of (%) for RBC Corporate Class Funds is based on actual expenses for the preceding full year period ended March 31 or half-yearperiod ended September 30 expressed on an annualized basis, depending on availability of data at the time of H and Series I are not available for purchase by new investors.

6 Existing investors who hold Series H or Series I unitscan continue to make additional investments into the same series of the funds they Series units with the deferred sales charge option are capped and invested based on their existing redemption are only used to illustrate the effects of the compound growth rate and do not reflect future values of any fund or returns on investment of any of $10K chart shown represents a hypothetical investment of the Fund over the last 10 years, or from the last day of the since inception month for funds with less than 10 years performance fund profile is provided for informational purposes only. Particular investments and/or trading strategies should be evaluated relative to each individual s investment objectives. The information contained in the fund profile is not, and should not be construed as, investment or tax advice.

7 You should not act or rely on the information contained in the fund profile without seeking the advice of an appropriate professional rankings and Equity style box information are determined by Morningstar Research Inc., an independent research firm. Quartilerankings are comparisonsof the performance of a fundto otherfundsin the applicable Fundcategoryand are subjectto change monthly. The quartiles dividethe data intofour equalsegments expressedin termsof rank(1, 2, 3 or 4). Morningstar information containedhereinisproprietaryto Morningstar and isnot warrantedto beaccurate, completeor timely. NeitherMorningstar noritscontent providers are responsiblefor anydamages or lossesarisingfromanyuse of this information. 2021 MorningstarResearch Inc. / Trademark(s) of Royal Bank of Canada. Used under licence. RBC Global Asset Management Inc.

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