Printed on May 11, 2018

©2018. 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 ortimely. 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 disclosurepage.

RBC Emerging Markets Equity Fund

Investment Objective

To provide long-term capital growth.The fund investsprimarily in equity securities of companies located oractive in emerging markets.

Fund Details

Series Load Structure Currency Fund Code

A No Load CAD RBF499A No Load USD RBF416Adv Deferred Sales CAD RBF899Adv Front End CAD RBF798Adv Low Load CAD RBF099Adv Low Load USD RBF4416T5 No Load CAD RBF5499

Inception Date December 2009Total Fund Assets $Mil 4,127.7Series A NAV $ 17.80Series A MER % 2.37Benchmark MSCI Emerging Markets

Total Return Net Index ($C)

Income Distribution AnnuallyCapital Gains Distribution Annually

Sales Status OpenMin. Investment $ 500Subsequent Investment $ 25

Fund Category Emerging Markets Equity

Management Company RBC Global AssetManagement Inc.

Web Site www.rbcgam.com

Notes

Performance Analysis is in CAD and for CAD series Afund (RBF499).

Portfolio Analysis as of April 30, 2018

Asset Mix % Assets

Cash 2.4Fixed Income 0.0Canadian Equity 0.0US Equity 2.5International Equity 95.0Other 0.0

Equity Style

Value Blend Growth

LargeM

idSm

all

Equity Statistics

P/B Ratio 2.5P/E Ratio 16.5

Avg. Mkt Cap. $B 33.2

Top 5 Sectors % Equity

Financials 29.4Information Technology 18.7Consumer Staples 17.1Consumer Discretionary 13.8Materials 6.2

Geographic Allocations % Assets

South Africa 13.5China 13.4India 13.0Taiwan 11.8South Korea 7.3

Top 10 Holdings % Assets

Naspers Ltd Class N 5.7Tata Consultancy Services Ltd 4.9Housing Development Finance Corp Ltd 4.7Taiwan Semiconductor Manufacturing 4.7AIA Group Ltd 4.2

Unilever PLC 3.4Antofagasta PLC 3.0SM Investments Corp 2.7Shinhan Financial Group Co Ltd 2.6Credicorp Ltd 2.5

Total % of Top 10 Holdings 38.6Total Number of Stock Holdings 56Total Number of Bond Holdings 0Total Number of Other Holdings 1Total Number of Holdings 57

Performance Analysis as of April 30, 2018

8

10

12

14

16

18

20 Growth of $10,000Series A

$17,615

-30

-15

0

15

30

2008

——

2009

——

2010

8.84th

2011

-15.71st

2012

17.71st

2013

4.82nd

2014

14.01st

2015

6.81st

2016

0.94th

2017

25.63rd

YTD

0.93rd

Calendar Returns %Series A

FundQuartile

1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return %

-0.6 -2.0 2.1 9.2 7.5 9.8 — 7.3 Fund1st 2nd 3rd 3rd 2nd 1st — — Quartile247 247 245 241 153 107 52 — No. of Funds in Category

Printed on May 11, 2018

©2018. 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 ortimely. 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 disclosurepage.

RBC Emerging Markets Equity FundManagement OverviewManager Bios

Philippe Langham

RBC Global Asset Management (UK) Limited

Philippe Langham is Head of Emerging Markets Equities& Senior Portfolio Manager. He has worked in theinvestment industry since 1992 and in 2009 joined RBCGlobal Asset Management (UK) Limited to establish andlead the team that manages RBC Emerging MarketsEquity Fund. Prior to RBC, Philippe was Head of GlobalEmerging Markets with Société Générale AssetManagement S.A., August 2007 to August 2009. Philippeis a graduate of the University of Manchester in England,where he earned a Bachelor’s degree in Economics. He isalso a qualified Chartered Accountant.

Performance Analysis Cont'd as of April 30, 2018

Distributions ($)/Unit YTD* 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Total Distributions — — — 0.08 0.00 — 0.01 — 0.05 — —Interest — — — 0.08 0.00 — 0.01 — — — —Dividends — — — — — — — — — — —Capital Gains — — — — — — — — 0.05 — —Return Of Capital — — — — — — — — — — —

Ended Ended Ended Ended

1-2015 5-2015 5-2017 —12-2011 9-2013 4-2016 —

Best/Worst Periods % 1 Yr 3 Yr 5 Yr 10 Yr

Best 29.8 15.3 12.1 —Worst -15.7 0.6 3.9 —Average 8.1 7.9 8.1 —No. of Periods 89 65 41 —Pct. Positive 79.8 100.0 100.0 —* Distributions are characterized into income type at year-end.

Quarterly Commentary as at March 31, 2018

Emerging markets continued to outperformdeveloped markets in the quarter. January’s strongperformance, supported by gains in theInformation Technology sector, was reversed inFebruary after a global sell-off in equities astensions rose amid trade protectionism and apossible U.S.-China trade war.

At the country level, Brazil and Peru were the best-performing markets, both buoyed by a positivepolitical environment while the Philippines, Polandand India were the worst-performing markets. Atthe sector level, Energy and Health Care were thebest-performing sectors while ConsumerDiscretionary and Telecommunication Serviceswere the worst.

At the sector level, stock selection in Health Careand Industrials detracted from returns, particularlyour holdings in Dr. Reddy’s Laboratories and SMInvestments Corp. At the country level, stock

selection in China and South Korea detracted fromreturns; however, this was somewhat offset bystrong stock selection in India.

The biggest contributors to relative returns duringthe quarter were Brazilian bank, Banco Bradesco;Peruvian bank, Credicorp Ltd.; and the Chineseleader in video surveillance, Hangzhou HikvisionDigital Technology Co. Ltd.

Naspers, the South African media conglomerate,was among the biggest detractors during thequarter. SM Investments, the conglomerate oftenseen as a proxy to the Philippines market, alsodetracted from performance. In addition, we soldSamsung Electronics Co. Ltd. in February due toincreasing concerns about corporate governance,but this hurt relative performance as the stockrebounded in March.

Printed on May 11, 2018

©2018. 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 ortimely. 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 disclosurepage.

RBC Emerging Markets Equity FundDisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc. anddistributed through authorized dealers.

Commissions, trailing commissions,management fees and expenses all may beassociated with mutual fund investments.Please read the prospectus or Fund Factsdocument before investing. Except asotherwise noted, the indicated rates of returnare the historical annual compounded totalreturns including changes in unit value andreinvestment of all distributions and do nottake into account sales, redemption,distribution or optional charges or incometaxes payable by any unitholder that wouldhave reduced returns. Mutual funds are notguaranteed or covered by the CanadianDeposit Insurance Corporation or by any othergovernment deposit insurer. For moneymarket funds, there can be no assurancesthat the fund will be able to maintain its netasset value per unit at a constant amount orthat the full amount of your investment in thefund will be returned to you. The value ofmutual funds change frequently and pastperformance may not be repeated.

This document has been compiled by RBCGlobal Asset Management Inc. (RBC GAM)from sources believed to be reliable, but norepresentations or warranty, express or

implied, are made by RBC GAM, its affiliatesor any other person as to its accuracy,completeness or correctness. All opinionsand estimates constitute RBC GAM'sjudgment as of the date of this document, aresubject to change without notice and areprovided in good faith but without legalresponsibility. The Top Ten/25 Holdings maychange due to ongoing portfolio transactionswithin the fund. The Prospectus and otherinformation about the underlying investmentfunds are available at www.sedar.com.

MER (%) for RBC Funds, PH&N Funds andBlueBay Funds is based on actual expensesfor the full year period, January 1 toDecember 31, 2017, expressed on anannualized basis.

MER (%) for RBC Corporate Class Funds isbased on actual expenses for the half-yearperiod, April 1, to September 30, 2017,expressed on an annualized basis.

Series H and Series I are not available forpurchase by new investors. Existinginvestors who hold Series H or Series I unitscan continue to make additional investmentsinto the same series of the funds they hold.

Graphs are only used to illustrate the effectsof the compound growth rate and do notreflect future values of any fund or returns on

investment of any fund.

The fund profile is provided for informationalpurposes only. Particular investments and/ortrading strategies should be evaluatedrelative to each individual’s investmentobjectives. The information contained in thefund profile is not, and should not beconstrued as, investment or tax advice. Youshould not act or rely on the informationcontained in the fund profile without seekingthe advice of an appropriate professionaladvisor.

Quartile rankings are determined byMorningstar Research Inc., an independentresearch firm, based on categoriesmaintained by the Canadian InvestmentFunds Standards Committee (CIFSC). Quartilerankings are comparisons of the performanceof a fund to other funds in a particularcategory and are subject to change monthly.The quartiles divide the data into four equalsegments expressed in terms of rank (1, 2, 3or 4). This is the Morningstar quartile rankingof Series A and F units of the Fund as of April30, 2018.

® / ™ Trademark(s) of Royal Bank of Canada.Used under licence. © RBC Global AssetManagement Inc. 2018