Printed on October 23, 2014 RBC Global Energy Fund Fund Category Energy Equity No. of Funds in Category 52 Morningstar Rating™ QQ Investment Objective Portfolio Analysis as of September 30, 2014 To provide long-term capital growth by investing primarily in equity securities of companies throughout the world involved directly or indirectly in the exploration, development, production or distribution of energy and energy-related products, or in activities in the Energy sector. Asset Mix % Assets Cash 0.9 Fixed Income 0.0 Canadian Equity 36.1 US Equity 54.5 International Equity 8.3 Other 0.2 Fund Details Series Load Structure Currency Fund Code D No Load CAD RBF1037 Income Distribution Capital Gains Distribution Annually Annually P/B Ratio P/E Ratio 2.3 18.7 Avg. Mkt Cap. $Bil 21.6 Small July 2007 357.4 55.23 1.25 MSCI World - Energy (C$) Equity Statistics Large Mid Inception Date Total Fund Assets $Mil Series D NAV $ Series D MER % Benchmark Equity Style Value Blend Growth Sales Status Min. Investment $ Subsequent Investment $ Open 500 25 Management Company RBC Global Asset Management Inc. www.rbcgam.com Web Site Top 5 Sectors % Equity Energy Materials Industrials Information Technology Telecommunication Services 98.1 1.4 0.5 0.0 0.0 Geographic Allocations % Assets United States Canada France United Kingdom Colombia 55.1 36.5 5.1 2.7 0.5 Top 25 Holdings % Assets Suncor Energy Inc Halliburton Co Total SA Anadarko Petroleum Corp Canadian Natural Resources Ltd 5.9 5.7 5.1 4.8 4.5 Exxon Mobil Corporation EOG Resources Inc Williams Companies Inc Pioneer Natural Resources Co BG Group PLC 4.1 3.7 3.4 3.0 2.7 Chevron Corp EQT Corp Veresen Inc Paramount Resources Ltd Class A Spectra Energy Corp 2.6 2.4 2.3 2.3 2.2 Keyera Corp Concho Resources Inc Range Resources Corp Cenovus Energy Inc Continental Resources Inc 2.2 2.1 2.1 2.0 2.0 Cabot Oil & Gas Corp Class A Whiting Petroleum Corp Phillips 66 Enbridge Inc Cimarex Energy Co 1.9 1.8 1.6 1.6 1.5 Total % of Top 25 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 73.5 71 0 2 73 Performance Analysis as of September 30, 2014 16 14 12 Growth of $10,000 Series D $10,400 10 8 6 4 50 25 Calendar Returns % Series D 0 -25 -50 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD — — — — — — — — -48.5 3rd 42.1 2nd 20.5 3rd -4.4 2nd -12.7 4th 21.1 2nd 12.7 3rd Fund Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % -7.2 1st 57 -7.9 1st 56 2.1 3rd 56 19.9 3rd 55 10.6 3rd 52 8.3 3rd 37 — — 12 0.3 — — Fund Quartile No. of Funds in Category ©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on October 23, 2014 RBC Global Energy Fund Management Overview Manager Bios Performance Analysis Cont'd as of September 30, 2014 Chris Beer Distributions ($)/Unit RBC Global Asset Management Inc. Total Distributions Interest Dividends Capital Gains Return Of Capital Chris Beer is Vice President and Senior Portfolio Manager, Canadian and Global Equities. He has been in the investment industry since 1993. 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 % YTD* 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 — — — — — — — — — — — — — — — 5.50 — — 5.50 — 4.58 — — 4.58 — — — — — — — — — — — 4.20 — — 4.20 — — — — — — — — — — — — — — — — Ended 1 Yr Ended 2-2010 2-2012 Best 50.9 6-2009 7-2010 Worst -53.9 Average 4.1 No. of Periods 75 Pct. Positive 60.0 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr 23.6 -10.0 3.3 51 66.7 2-2014 6-2013 15.2 -9.4 3.8 27 48.1 — — — — — — — Quarterly Commentary as at September 30, 2014 The Energy sector underwent considerable volatility during the quarter as both crude oil and natural gas prices declined over 10%. Oil prices fell sharply, weighed down by abundant supplies and further indications of slowing global economic and oil–demand growth. Extreme weather has impacted natural gas prices this year. A cold winter early in the year drew inventory levels to record lows and pushed prices higher, however a relatively mild summer reduced demand for cooling adding to storage. Additionally, surging production from tight gas in the U.S. built inventories faster than expected, driving prices in the quarter from $4.40 to $4.00 per mcf. The commodity price uncertainty was reflected swiftly in the share prices of energy producers. As the crude price fell, companies with the highest costs of production or transportation tended to be impacted the most. The Fund’s overweight exposure to unconventional oil-growth companies, EOG Resources, Diamondback and Continental weighed on performance. Production from tight oil formations in the Permian and Eagleford areas in Texas, or the Bakken in North Dakota rely on solid crude oil prices to drive the development economics. Canadian oil sands producers Suncor, Cenovus and Canadian Natural Resources were also negative contributors. Natural gas prices will largely be determined by the impact of weather in the near term. With inventories still below 5 year averages, a record cold winter like last year will certainly drive prices higher. However, with current forecasts calling for normal winter weather, current inventories should satisfy demand and expectations for unconventional production to continue to outpace demand, natural gas prices could be challenged through the winter. ©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 23, 2014 RBC Global Energy 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.