Printed on June 22, 2015 RBC O'Shaughnessy All-Canadian Equity Fund Investment Objective Portfolio Analysis as of May 31, 2015 To provide a long-term total return, consisting of capital growth and current income, by investing primarily in equity securities of Canadian companies based on Strategy Indexing®, a rigorous and disciplined approach to stock selection based on characteristics associated with above average returns over long periods of time. Asset Mix Fund Details Currency Fund Code O CAD RBF251 Management Company Web Site Large Equity Statistics 9 14 7 13 16 8 15 9 8 P/B Ratio P/E Ratio > 50 25 - 50 P/FCF 10 - 25 P/S 0 - 10 Avg. Mkt Cap. $B Dividend Yield Weight % Value Blend Growth Top 5 Equity Sectors Series Inception Date Total Fund Assets $Mil Benchmark Equity Style Small Mid The investment team follows a quantitative stock selection process that is based on decades of empirical research into the historical characteristics that the bestperforming value and growth stocks possess. Securities are selected using the investment team’s Canadian value and growth strategies, which comprise several stock selection factor composites. Overall, the portfolio seeks to invest in stocks selling at a discount but showing good potential for growth. % Assets Cash 1.5 Fixed Income 0.0 Canadian Equity 98.5 US Equity 0.0 International Equity 0.0 Other 0.0 July 2008 475.5 S&P/TSX Capped Composite Total Return Index RBC Global Asset Management Inc. www.rbcgam.com 1.8 15.4 4.6 0.8 4.6 2.9 % Equity Financials Consumer Discretionary Industrials Materials Consumer Staples % in Top 5 Equity Sectors 22.9 19.6 17.3 12.2 10.3 82.3 Risk Measures Fund Benchmark 3 Year Std Dev 5 Year Std Dev 7.8 9.7 7.3 9.6 Top 25 Holdings % Assets Metro Inc Chorus Aviation Inc Royal Bank Of Canada Magna International Inc Class A Alimentation Couche-Tard Inc 3.9 3.6 3.6 3.5 2.9 Centerra Gold Inc Finning International Inc Manulife Financial Corp Jean Coutu Group PJC Inc Transcontinental Inc Class A 2.9 2.8 2.8 2.6 2.5 Linamar Corporation Suncor Energy Inc Rona Inc Dollarama Inc Great-West Lifeco Inc 2.5 2.4 2.3 2.2 2.2 Enbridge Income Fund Holdings Inc Nevsun Resources Ltd Western Forest Products Inc Bank of Montreal Intact Financial Corp 2.1 2.1 1.8 1.6 1.5 Emera Inc FirstService Corp Genworth MI Canada, Inc. Thomson Reuters Corp EnerCare Inc 1.5 1.4 1.4 1.4 1.3 Total % of Top 25 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 58.8 97 0 1 98 Performance Analysis as of May 31, 2015 220 190 160 Growth of $100,000 Series O $186,906 130 100 70 40 45 30 Calendar Returns % Series O 15 0 -15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD — — — — — — — — 30.1 35.1 26.1 17.6 -4.0 -8.7 11.3 7.2 34.4 13.0 5.4 10.6 3.5 3.8 Fund Benchmark 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % 1.6 -1.2 1.9 -0.7 3.8 3.3 5.0 5.8 16.8 12.6 14.0 8.1 — — 9.5 — Fund Benchmark ©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on June 22, 2015 RBC O'Shaughnessy All-Canadian Equity Fund Management Overview Manager Bios Performance Analysis Cont'd as of May 31, 2015 James P. O'Shaughnessy Distributions ($)/Unit O'Shaughnessy Asset Management Total Distributions Interest Dividends Capital Gains Return Of Capital Jim O'Shaughnessy is the Chairman and CEO of O'Shaughnessy Asset Management (OSAM). Also serving as the Chief Investment Officer of the firm, Jim is ultimately responsible for OSAM's investment strategies. He directs the Senior Portfolio Manager, Director of Research, and the Portfolio Management Team and helps to set the agenda for the team. He is also responsible for the development of OSAM's existing strategies and directs the team on idea generation and specific initiatives to improve the models and develop new factors and products. Best/Worst Periods % YTD* 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 — — — — — 2.40 — 0.36 2.04 — 0.28 — 0.28 — — 0.46 — 0.46 — — — — — — — 0.29 — 0.29 — — 0.28 0.12 0.16 — — 0.05 0.03 0.03 — — — — — — — — — — — — — — — — — Ended 1 Yr Ended 3-2010 2-2012 Best 53.8 7-2009 8-2011 Worst -21.8 Average 16.6 No. of Periods 71 Pct. Positive 84.5 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr 23.9 4.3 14.2 47 100.0 2-2014 8-2013 22.5 7.2 16.2 23 100.0 — — — — — — — Quarterly Commentary as at March 31, 2015 During the quarter, the final selection factors used in the Fund had mixed performance as the Value composite detracted from performance, while the Momentum composite outperformed. The best half of stocks based on our quality themes of Earnings Quality, Financial Strength, and Earnings Growth underperformed, indicating that avoiding poor quality stocks likely had a negative impact on performance. From a sector perspective, the Fund had a positive contribution from allocation effects and a negative contribution from stock selection effects. An overweight allocation to Industrials and an underweight allocation to Health Care detracted from excess returns. This was more than offset by underweighting Financials and overweighting Consumer Discretionary which each contributed to returns. Stock selection within Health Care and Materials detracted from excess returns. This was partially offset by positive selection effects in Industrials. We believe that a disciplined emphasis on valuation, quality, and momentum will deliver strong excess returns in the years to come, and that by building portfolios around these characteristics, the Fund will deliver higher returns than the market as a whole. Volatility in the equity markets increased in the first quarter as investors awaited news of the Federal Reserve’s timeline for monetary tightening while the European Union launched its own version of Quantitative Easing. Foreign stocks generally outperformed, despite continued strength in the U.S. as the dollar hit its twelve year high. Oil continued its decline despite concerns over turmoil in the Middle East. ©2015. 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 June 22, 2015 RBC O'Shaughnessy All-Canadian Equity Fund Disclosure RBC Private Pools are offered and distributed by RBC Global Asset Management Inc. and are also distributed by other authorized dealers. RBC Funds and RBC Corporate Class Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers. Management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or Fund Facts document of the mutual fund 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. The value of mutual funds change frequently and past performance may not be repeated. expressed on an annualized basis. The Top Ten/25 Holdings may change due to ongoing portfolio transactions within the fund. The prospectus, Fund Facts document, and other information about the underlying investment funds are available at www. sedar.com. MER (%) for RBC Funds is based on actual expenses for the full-year period, January 1 to December 31, 2014, expressed on an annualized basis. The 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. You should not act or rely on the information contained in the fund profile without seeking the advice of an appropriate professional advisor. MER (%) for RBC Corporate Class Funds is based on actual expenses for the full-year period April 1, 2014 to March 31, 2015, ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc. 2015 Graphs 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 fund. ©2015. 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.