Printed on October 24, 2014 RBC Canadian Equity Income Fund Fund Category Canadian Dividend and Income Equity No. of Funds in Category 284 Morningstar Rating™ QQQQQ Investment Objective Portfolio Analysis as of September 30, 2014 To provide a high level of monthly cash flow and relatively tax efficient distributions consisting primarily of returns of capital, capital gains and interest income and to provide the potential for modest capital growth. Asset Mix % Assets Cash 3.7 Fixed Income 0.3 Canadian Equity 84.5 US Equity 8.5 International Equity 1.8 Other 1.3 Fund Details Load Structure Currency Fund Code A Adv Adv Adv H F I No Load Deferred Sales Front End Low Load No Load No Load No Load CAD CAD CAD CAD CAD CAD CAD RBF591 RBF856 RBF762 RBF111 RBF2591 RBF646 RBF8591 August 2006 4,222.1 28.43 2.09 S&P/TSX Capped Composite Total Return Index Income Distribution Monthly Capital Gains Distribution Annually Monthly Distribution (¢/unit) 9.00 Current Payout Rate (%)* 3.8 *Assuming 12 consecutive months at the monthly distribution set out above. The estimate does not include any year-end capital gains distributions paid in addition to the regular monthly distribution nor should it be confused with performance or rates of return. Sales Status Min. Investment $ Subsequent Investment $ Open 500 25 Management Company RBC Global Asset Management Inc. www.rbcgam.com Equity Statistics P/B Ratio P/E Ratio 1.9 16.6 Avg. Mkt Cap. $Bil 15.0 Small Inception Date Total Fund Assets $Mil Series A NAV $ Series A MER % Benchmark Equity Style Large Mid Series Value Blend Growth Global Equity Sectors % Equity Financials Energy Industrials Utilities Materials Telecommunication Services Consumer Discretionary Consumer Staples Health Care Information Technology Unclassified 34.7 27.0 9.6 7.8 6.6 5.4 5.0 2.7 0.6 0.5 0.0 Top 25 Holdings % Assets Royal Bank Of Canada Manulife Financial Corp Bank of Nova Scotia Enbridge Inc Suncor Energy Inc 4.6 3.4 3.4 3.2 2.8 Canadian Natural Resources Ltd Toronto-Dominion Bank Brookfield Property Partners LP Bank of Montreal BHP Billiton PLC 2.7 2.3 2.2 2.0 1.8 TransCanada Corp TELUS Corp Encana Corp CIBC Sun Life Financial Inc 1.7 1.5 1.5 1.5 1.5 Brookfield Renewable Energy Partners LP Potash Corp of Saskatchewan Inc BCE Inc AT&T Inc Progressive Waste Solutions Ltd 1.4 1.4 1.4 1.3 1.3 Thomson Reuters Corp Brookfield Asset Management Inc Class A Russel Metals Inc Class A Newalta Corp Emera Inc 1.3 1.2 1.2 1.2 1.2 Total % of Top 25 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 49.0 112 1 8 121 Performance Analysis as of September 30, 2014 30 26 22 Growth of $10,000 Series A $26,821 18 Web Site 14 10 6 Notes 75 Fund’s investment objective and name changed July 1, 2009. Minimum investment for Series I and Series H units of the Fund is $200,000. Minimum additional investment is $5,000. 50 Calendar Returns % Series A 25 0 -25 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD — — — — — — 9.5 1st -18.8 1st 59.5 1st 24.0 1st 10.3 1st 8.5 2nd 16.5 3rd 12.0 1st Fund Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % -3.3 3rd 486 -0.3 3rd 481 5.8 2nd 467 19.8 2nd 408 16.1 1st 284 16.4 1st 225 — — 65 12.9 — — Fund Quartile No. of Funds in Category ©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on October 24, 2014 RBC Canadian Equity Income Fund Management Overview Manager Bios Performance Analysis Cont'd as of September 30, 2014 Jennifer McClelland Distributions ($)/Unit YTD* 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 RBC Global Asset Management Inc. Total Distributions Interest Dividends Capital Gains Return Of Capital 0.81 0.81 — — — 1.34 — 0.39 0.95 — 1.08 — 0.11 0.66 0.31 1.53 0.13 0.15 1.24 — 1.89 0.07 0.31 1.51 — 1.43 0.54 0.13 0.76 — 0.96 0.87 0.09 — — 0.96 0.67 0.08 — 0.21 0.32 0.30 0.02 — — — — — — — — — — — — Jennifer McClelland is Vice President and Senior Portfolio Manager, Canadian Equities. Jennifer began her investment career in 1993. She is a member of the Canadian Equity Committee and is responsible for income-oriented Canadian equity mandates. Jennifer has a Bachelor Degree in Economics from the University of Western Ontario and is a CFA charterholder. Brahm Spilfogel RBC Global Asset Management Inc. Brahm Spilfogel is Vice President and Senior Portfolio Manager, Canadian and Global Equities. He has been in the investment industry since 1991. Best/Worst Periods % Ended 1 Yr Ended 2-2010 2-2012 Best 72.3 2-2009 8-2009 Worst -23.2 Average 15.1 No. of Periods 86 Pct. Positive 86.0 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr 34.1 5.3 16.2 62 100.0 2-2014 9-2011 24.1 11.7 16.1 38 100.0 — — — — — — — Quarterly Commentary as at September 30, 2014 RBC Canadian Equity Income Fund (Series A) declined 0.3% in Q3 compared to -0.6% for its benchmark. companies outperformed the broader index due to volume improvements and the potential for further operational efficiency. Holdings in the Consumer Discretionary and Utilities sectors had a positive impact on performance, but were offset by positions in the Industrials and Energy sectors. The Fund had an overweight position in the Energy and this negatively impacted performance as the sector posted a negative return during the quarter as these stocks were pressured from falling crude oil prices. Overweight positions in Canadian Energy Services and Trinidad Drilling Company detracted from returns. Security selection was the main driver in the Consumer Discretionary sector, led by an overweight position in Tim Hortons, whose stock was propelled higher after the company agreed to be taken over by Burger King. In the Utilities sector, an overweight allocation to both Brookfield Renewable Energy Partners and Algonquin Power & Utilities had a positive impact on returns as these two companies outperformed the broader index during the quarter. Within the Industrials sector, a lack of exposure to Canadian National Railway and Canadian Pacific Railway dragged on performance. Both of these Strong Canadian equity-market returns should be met with some caution, in the view of the portfolio manager, as relatively slow labour-market growth and ever-rising house prices are causes for concern. However, prospects for exports should improve as the U.S. economy strengthens, and the U.S. Federal Reserve has indicated that it will complete its bond-buying program soon and that it will begin raising short-term interest rates next year. In this mixed environment, the Bank of Canada appears likely to hold interest rates at their current level for the foreseeable future. ©2014. 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 October 24, 2014 RBC Canadian Equity Income Fund Disclosure RBC Funds, PH&N Funds and RBC Corporate Class Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers. Commissions, trailing commissions, 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. 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 in the fund will be returned to you. The value of mutual funds change frequently and past performance may not be repeated. This 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 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 and PH&N Funds is based on actual expenses for the half-year period, January 1 to June 30, 2014, expressed on an annualized basis. MER (%) for RBC Corporate Class Funds is based on actual expenses for the half-year period April 1, 2014 to September 30, 2014, expressed on an annualized basis. 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. 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. Quartile rankings are determined by Morningstar Research Inc., an independent research firm, based on categories maintained by the Canadian Investment Funds Standards Committee (CIFSC). Quartile rankings are comparisons of the performance of a fund to other funds in a particular category and are subject to change monthly. The quartiles divide the data into four equal segments expressed in terms of rank (1, 2, 3 or 4). This is the Morningstar quartile ranking of Series A units of the Fund as of September 30, 2014. Morningstar ratings are overall ratings reflecting risk adjusted performance as of September 30, 2014. The ratings are subject to change every month. The ratings are calculated for funds with a minimum of 3 years of performance, calculated from the funds' 1 and 3 year average annual returns measured against a 91-day Treasury Bill return with appropriate fee adjustments. The top 10% of the funds in a category receive 5 stars (high); if the funds fall in the next 22.5%,they receive 4 stars (above average); a place in the middle 35% earns a fund 3 stars (neutral or average); those in the next 22.5% receive 2 stars (below average); and the lowest 10% get 1 star (low). Ratings are just one factor to consider when investing. For more information, please see www. morningstar.ca. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc. 2014 ©2014. 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.