Printed on March 14, 2019 RBC Global Corporate Bond Fund

1 Printed on March 14, 2019. RBC Global Corporate bond fund Investment Objective Portfolio Analysis as of February 28, 2019. To provide a high level of interest income with the Asset Mix % Assets Top 10 Holdings % Assets potential for modest capital growth by investing primarily Cash iShares iBoxx $ Invmt Grade Corp Bd ETF in Global Corporate bonds. Fixed Income RBC Emerging Markets bond fund O Canadian Equity BlueBay Emerging Markets Corp Bd O fund Details US Equity Vanguard Short-Term Corporate bond ETF Series Load Structure Currency fund Code International Equity Vanguard Long-Term Corporate Bd ETF D No Load CAD RBF1009 Other SPDR Blmbg Barclays High Yield Bd ETF iShares iBoxx $ High Yield Corp Bd ETF Inception Date July 2007 18-04-2019.

2 Total fund Assets $Mil 11, Fixed Income Breakdown % Fixed Income Vanguard Interm-Term Corp Bd ETF Series D NAV $ Government Bonds BMO Short Corporate bond ETF Series D MER % Corporate Bonds RBC Target 2020 Corporate bond ETF Benchmark 40% Bloomberg Barclays Other Bonds Total % of Top 10 Holdings US Corp bond * Mortgage Backed Securities Total Number of Portfolio Holdings 1,218. 20% Bloomberg Barclays ST Investments (Cash & Other) PanEuro Agg* Total Number of Stock Holdings 9. Asset Backed Securities Total Number of bond Holdings 9,194. 15% FTSE CAN All Corp bond Index Total Number of Other Holdings 117. 10% JPM EMBI Gbl Div* bond Rating % Term to Maturity % Total Number of Underlying Holdings 9,320.

3 10% ICE BofAML US HY Cash / Cash Equiv. Under 1 year BB-B* AAA 1 - 5 Yrs 5% Bloomberg Barclays AP. Corp* AA 5 - 10 Yrs A Over 10 Yrs Income Distribution Quarterly BBB Capital Gains Distribution Annually Below BBB Avg. Term to Mortgages maturity (Yrs). NR/NA Duration (Yrs) Sales Status Open Yield to Maturity Min. Investment $ 500. Subsequent Investment $ 25. Geographic Allocations % Assets fund Category Global Corporate Fixed Canada Income United States International (ex-Emerging Markets) Management Company RBC Global Asset Emerging Markets Management Inc. Performance Analysis as of February 28, 2019. Web Site 20 Growth of $10,000. Notes 18 Series D. 16 $17,019.

4 * Hedged into Canadian dollars 14. 12. 10. 8. 15 Calendar Returns %. Series D. 10. 5. 0. -5. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD. fund 3rd 3rd 1st 2nd 3rd 2nd 4th 2nd 1st 3rd 2nd Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return %. fund 3rd 1st 2nd 3rd 2nd 2nd 3rd Quartile 133 130 129 123 89 70 13 No. of Funds in Category 2019. 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.

5 Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on March 14, 2019. RBC Global Corporate bond fund Management Overview Manager Bios Performance Analysis Cont'd as of February 28, 2019. Frank Gambino Distributions ($)/Unit YTD* 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009. RBC Global Asset Management Inc. Total Distributions Frank Gambino is Vice President and Senior Portfolio Interest Manager, Global Fixed Income and Currencies. He has Dividends . been in the investment industry since 1990. Capital Gains . Return Of Capital . Marty Balch RBC Global Asset Management Inc. Best/Worst Periods % Ended 1 Yr Ended 3 Yr Ended 5 Yr Ended 10 Yr Marty Balch is Senior Portfolio Manager, Global Fixed Best 10-2009 10-2011 10-2013 7-2017 Income and Currencies.

6 He has been in the investment Worst 11-2018 11-2018 4-2018 8-2018 industry since 1991. Average No. of Periods 128 104 80 20. Pct. Positive Soo Boo Cheah * Distributions are characterized into income type at year-end. RBC Global Asset Management (UK) Limited Soo Boo is Senior Portfolio Manager, Global Fixed Income & Currencies, at RBC Global Asset Management Quarterly Commentary as at December 31, 2018. (UK) Ltd. He joined the firm in 2000 as a Fixed Income During the fourth quarter, Corporate bonds High-yield holdings in industries such as auto parts Analyst and has been active in all aspects of Global fixed underperformed government bonds with similar and homebuilders hurt relative returns as concerns income management.

7 Soo Boo is a member of the Global maturities, as investors grew concerned about the mounted that a slowing economy might weaken Fixed Income & Currencies Committee and the RBC. potential for slowing economic growth, an demand for automobiles and residential property. Investment Strategy Committee's Fixed Income &. intensifying trade dispute between the United Returns were also restrained by exposure to Currencies Advisory Committee. He earned an MBA from States and China, as well as other geopolitical the University of New Brunswick and is a CFA Canadian preferred shares, whose prices declined risks linked to tensions in the Middle East, and the charterholder.

8 Significantly in the fourth quarter. United Kingdom's plan to leave the European Union. These risks led to an increase in the excess yield earned on Corporate bonds over sovereign The fund is positioned to withstand a slowdown in bonds, resulting in smaller relative price gains or economic growth, with an overweight in higher- outright declines for Corporate bonds. quality Canadian and bonds, and is also prepared to capitalize on attractive investment The fund outperformed its benchmark due to its opportunities in the event of further preference for higher-quality companies, which underperformance in Corporate bonds. The fund cushioned losses from declines in the riskier recently increased its allocation to emerging segments of the Corporate - bond market.

9 Similarly, markets as valuations improved. High-yield returns in the fund 's emerging-market bond holdings benefited from less exposure to weaker Corporate - bond weightings are lower than they economies such as Argentina and Turkey. Currency have been in previous years, while the average management also added to the fund 's maturity of the portfolio is similar to the performance. benchmark. Exposure to European bonds is being kept at benchmark levels. 2019. 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.

10 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 March 14, 2019. RBC Global Corporate bond fund Disclosure RBC Funds, BlueBay Funds, PH&N Funds and or any other person as to its accuracy, of the compound growth rate and do not RBC Corporate Class Funds are offered by completeness or correctness. All opinions reflect future values of any fund or returns on RBC Global Asset Management Inc. and and estimates constitute RBC GAM's investment of any fund . distributed through authorized dealers.