Printed on March 16, 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 Select Conservative Portfolio

Investment Objective

To provide income and the potential for moderate capitalgrowth by investing primarily in funds managed by RBCGAM, emphasizing mutual funds that invest in Canadianfixed-income securities and have the potential togenerate income. The portfolio maintains a balance ofinvestments across several asset classes.

Fund Details

Series Load Structure Currency Fund Code

A No Load CAD RBF461A No Load USD RBF516Adv Deferred Sales CAD RBF840Adv Front End CAD RBF740Adv Low Load CAD RBF100Adv Low Load USD RBF4516T5 No Load CAD RBF545

Inception Date December 1986Total Fund Assets $Mil 27,666.7Series A NAV $ 21.36Series A MER % 1.84Benchmark 65% FTSE TMX CUB

15% S&P/TSX CappedComposite Total Return10% S&P 500 Total Return(C$)10% MSCI EAFE TotalReturn Net (C$)

Income Distribution QuarterlyCapital Gains Distribution Annually

Sales Status OpenMin. Investment $ 500Subsequent Investment $ 25

Fund Category Global Neutral Balanced

Management Company RBC Global AssetManagement Inc.

Web Site www.rbcgam.com

Notes

Performance Analysis is in CAD and for CAD series Afund (RBF461).

Portfolio Analysis as of February 28, 2018

Asset Mix % Assets

Cash 4.7Fixed Income 57.0Canadian Equity 14.3US Equity 11.8International Equity 11.9Other 0.3

Equity Style

Value Blend Growth

LargeM

idSm

all

Statistics

P/B Ratio 2.1P/E Ratio 16.3

Avg. Mkt Cap. $B 47.5

Top 5 Sectors % Equity

Financials 26.9Information Technology 13.1Industrials 11.2Consumer Discretionary 10.6Energy 10.2

Fixed Income Breakdown % Fixed Income

Government Bonds 49.5Corporate Bonds 40.1Other Bonds 0.9Mortgage Backed Securities 0.9ST Investments (Cash & Other) 7.5Asset Backed Securities 1.0

Top 10 Holdings % Assets

RBC Bond Fund 15.8PH&N Total Return Bond Fund 9.2RBC Canadian Short-Term Income Fund 8.3RBC Global Corporate Bond Fund 7.6RBC European Equity Fund 7.5

RBC Global Bond Fund 6.9PH&N US Multi-Style All-Cap Equity Fund 5.2RBC Canadian Dividend Fund 4.7PH&N Conservative Equity Income Fund 4.1RBC Private Canadian Equity Pool 3.7

Total % of Top 10 Holdings 73.1Total Number of Portfolio Holdings 28Total Number of Stock Holdings 2,853Total Number of Bond Holdings 5,744Total Number of Other Holdings 140Total Number of Underlying Holdings 8,737

Performance Analysis as of February 28, 2018

8

10

12

14

16

18

20 Growth of $10,000Series A

$14,783

-14

-7

0

7

14

2008

-11.91st

2009

11.34th

2010

5.64th

2011

0.61st

2012

6.04th

2013

9.04th

2014

7.93rd

2015

4.13rd

2016

4.13rd

2017

5.83rd

YTD

-0.84th

Calendar Returns %Series A

FundQuartile

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

-0.7 -1.2 2.3 3.4 2.6 5.4 4.3 6.2 Fund3rd 4th 4th 3rd 3rd 4th 4th — Quartile1402 1355 1316 1257 947 639 273 — No. of Funds in Category

Printed on March 16, 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 Select Conservative PortfolioManagement OverviewManager Bios

Sarah Riopelle

RBC Global Asset Management Inc.

Sarah Riopelle is Vice President and Senior PortfolioManager, Investment Solutions. Sarah began herinvestment career in 1996. She is a member of both theRBC Investment Strategy Committee and the RBCInvestment Policy Committee, which are responsible forthe investment strategy and tactical asset allocation forRBC Funds’ balanced products and portfolio solutions.Sarah has a Bachelor of Commerce in Finance andInternational Management and is a CFA charterholder.

Performance Analysis Cont'd as of February 28, 2018

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

Total Distributions — 0.32 0.56 0.96 1.14 0.44 0.35 0.35 0.39 0.30 0.30Interest — 0.10 0.11 0.12 0.09 0.13 0.14 0.14 0.17 0.22 0.25Dividends — 0.08 0.09 0.10 0.07 0.09 0.08 0.06 0.09 0.07 0.05Capital Gains — 0.15 0.35 0.74 0.98 0.22 0.13 0.15 0.14 — —Return Of Capital — — — — — — — — — — —

Ended Ended Ended Ended

7-1997 1-1998 3-1998 1-20052-2009 2-2009 2-2009 8-2010

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

Best 21.6 13.8 10.4 7.7Worst -13.7 -2.6 0.9 3.3Average 5.8 5.9 5.6 5.1No. of Periods 289 265 241 181Pct. Positive 85.5 95.5 100.0 100.0* Distributions are characterized into income type at year-end.

Quarterly Commentary as at December 31, 2017

The global economy is running at the fastest clip inseven years supported by an increasingly broad-based expansion, favourable financial conditionsand optimism among businesses and consumers.As a result, we nudged our global growthforecasts higher for 2018 and expect firminginflation. Our forecasts for growth and inflation areslightly above consensus.

The Fund’s overweight position in equities andunderweight position in fixed income had apositive impact on performance. Bonds issued bynational governments posted modest returns in thefourth quarter of 2017 as inflation remainedsubdued and several major central banks extendedbond-buying programs designed to hold downlonger-term yields. Longer-maturity bondsoutperformed short-dated securities onexpectations that central banks will push upbenchmark interest rates. Returns were aided byRBC Bond Fund and Phillips, Hager & North TotalReturn Bond Fund.

Global equities gained in all major regions,benefiting from the synchronized expansion andrenewed profit growth. Japanese stocksoutperformed on fiscal stimulus and pro-growthreforms, while the U.S. rallied on corporate-taxcuts. Europe and Canada gained too, butunderperformed given their lower exposure totechnology. The Fund’s returns benefited fromexposure to Phillips, Hager & North U.S. Multi-Style All-Cap Equity Fund, RBC European EquityFund and RBC Asia-Pacific ex-Japan Equity Fund.

We expect bond yields to move gradually higher,supported by the improving economy and monetarytightening. Meanwhile, earnings have beencoming through and analysts are optimistic thatthe trend can persist. U.S. corporate-tax cuts couldprovide an additional boost to profits. Against thisbackdrop, equities continue to offer superior total-return potential compared to fixed income and wehave maintained our moderate overweight instocks and underweight in bonds as a result.

Printed on March 16, 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 Select Conservative PortfolioDisclosureRBC 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 half-year period, January 1 to June30, 2017, expressed on an annualized 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 oninvestment 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 ofFebruary 28, 2018.

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