Printed on October 23, 2014 RBC North American Value Fund Fund Category North American Equity No. of Funds in Category 48 Morningstar Rating™ QQQQ Investment Objective Portfolio Analysis as of September 30, 2014 To provide long-term capital growth by investing primarily in equity securities of Canadian and/or U.S. companies priced below their true value and offering long-term opportunities for growth. Asset Mix % Assets Cash 11.1 Fixed Income 0.1 Canadian Equity 40.4 US Equity 47.7 International Equity 0.0 Other 0.8 Fund Details Currency Fund Code No Load Deferred Sales Front End Low Load Front End Low Load No Load No Load No Load No Load No Load CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD RBF554 RBF857 RBF766 RBF130 RBF6504 RBF033 RBF504 RBF2554 RBF608 RBF666 RBF8554 Equity Style Equity Statistics P/B Ratio P/E Ratio 2.1 16.1 Avg. Mkt Cap. $Bil 39.9 Small Load Structure A Adv Adv Adv Adv T5 Adv T5 T5 H F FT5 I Large Mid Series Value Blend Growth Global Equity Sectors Inception Date Total Fund Assets $Mil Series A NAV $ Series A MER % Benchmark April 1998 2,163.4 21.18 2.10 50% S&P/TSX Capped Composite Total Return Index 50% S&P 500 Total Return Index (C$) Income Distribution Capital Gains Distribution Annually Annually Sales Status Min. Investment $ Subsequent Investment $ Open 500 25 % Equity Financials Energy Health Care Industrials Consumer Discretionary Information Technology Consumer Staples Materials Telecommunication Services Utilities Unclassified 30.2 16.5 10.1 9.6 9.3 8.5 8.1 4.6 2.0 1.0 0.0 Top 25 Holdings % Assets Royal Bank Of Canada Bank of Nova Scotia Toronto-Dominion Bank Suncor Energy Inc Canadian Natural Resources Ltd 3.3 2.9 1.9 1.9 1.8 Brookfield Asset Management Inc Class A Enbridge Inc Manulife Financial Corp Berkshire Hathaway Inc Class B Microsoft Corp 1.7 1.5 1.4 1.3 1.3 Loblaw Companies Ltd Bank of America Corporation Power Corporation Of Canada Apple Inc Brookfield Property Partners LP 1.1 1.1 1.1 1.0 1.0 Goldcorp Inc Cenovus Energy Inc Potash Corp of Saskatchewan Inc TELUS Corp CIBC 1.0 1.0 1.0 1.0 1.0 Imperial Oil Ltd Schlumberger NV Foot Locker Inc Canadian National Railway Co Husky Energy Inc 0.9 0.9 0.9 0.8 0.8 Total % of Top 25 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 33.7 124 1 3 128 Performance Analysis as of September 30, 2014 30 26 Management Company Web Site RBC Global Asset Management Inc. www.rbcgam.com 22 18 14 10 Notes 6 Fund’s investment objective and name changed July 4, 2006. Fund was previously known as RBC Canadian Value Fund. Minimum investment for Series I and Series H units of the Fund is $200,000. Minimum additional investment is $5,000. Growth of $10,000 Series A $27,167 30 15 Calendar Returns % Series A 0 -15 -30 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD 13.4 2nd 17.5 1st 17.5 1st 4.6 1st -22.7 1st 28.7 2nd 15.3 2nd -3.6 2nd 11.8 1st 23.0 4th 9.2 3rd Fund Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % -1.6 3rd 81 0.7 3rd 76 4.9 2nd 70 18.6 4th 68 16.4 3rd 48 11.6 2nd 38 9.9 1st 21 7.7 — — Fund Quartile No. of Funds in Category ©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on October 23, 2014 RBC North American Value Fund Management Overview Manager Bios Performance Analysis Cont'd as of September 30, 2014 Stuart Kedwell Distributions ($)/Unit RBC Global Asset Management Inc. Total Distributions Interest Dividends Capital Gains Return Of Capital Stuart Kedwell is Senior Vice President and Co-Head, Canadian Equity Committee. He has been in the investment industry since 1997. Doug Raymond RBC Global Asset Management Inc. Doug Raymond is Senior Vice President and Co-Head, Canadian Equity Committee. He has been in the investment industry since 1985. Best/Worst Periods % YTD* 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 — — — — — 1.07 — — 1.07 — 0.62 — 0.01 0.61 — 0.21 — — 0.21 — 1.26 — — 1.26 — 0.58 — — 0.58 — — — — — — 1.80 — — 1.80 — 1.70 — — 1.70 — 0.65 — — 0.65 — — — — — — Ended 1 Yr Ended 2-2010 3-2006 Best 38.2 2-2009 2-2009 Worst -24.6 Average 9.5 No. of Periods 186 Pct. Positive 73.7 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr 21.3 -5.4 8.3 162 90.1 2-2014 4-2003 16.8 0.6 8.3 138 100.0 3-2013 8-2010 10.4 5.7 8.1 78 100.0 Quarterly Commentary as at September 30, 2014 RBC North American Value Fund (Series A) gained 0.7% in Q3, compared to 2.8% for its benchmark. The top performing sectors were Consumer Staples, Industrials and Health Care. During the quarter, underweight exposure to the Canadian Materials sector contributed positively to the Fund’s relative performance. The Fund also benefitted from underweight exposure to Barrick Gold as the price of gold declined during the quarter. Underweight exposure to Agnico Eagle Mines and Teck Resources also proved beneficial. Above benchmark exposure to the Financials sector in the U.S. also added value to Fund performance driven by overweight positions in ETrade Financial and Berkshire Hathaway. The Consumer Staples sector in Canada benefitted from an overweight position in Loblaw. The company delivered better-than-expected samestore-sales amidst improving conditions in the grocery industry. Overweight exposure to the underperforming Energy sector in Canada dragged on Fund performance. Within the sector, overweight positions in underperformers Gear Energy and Trican Well Service were specific detractors. The Health Care sector in the U.S. weighed on relative Fund performance. Detracting from performance was a lack of exposure to Gilead Sciences, which was up 35% in the quarter. An above benchmark position in underperforming St. Jude Medical also detracted from performance. 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. ©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 North American Value 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.