A+ Participating Money Managers Global Manager Research

CANADIAN EQUITY CANADIAN GLOBAL EQUITY U.S. SMALL CAP EQUITY

● Beutel Goodman Canadian Dividend ● Foyston, Gordon & Payne Canadian Global Equity ● Kayne Anderson U.S. Small Cap Quality Value

● Beutel Goodman Canadian Equity ● Jarislowsky Fraser Canadian Global Equity (W)

● Connor, Clark & Lunn Equity Income & Growth ( C ) ● Jarislowsky Fraser North American Equity 50/50 (W) UTILITIES

● Connor, Clark & Lunn Income & Growth ( C ) ● Jarislowsky Fraser North American 70/30 (W) ● Reaves U.S. Utilities and Energy Infrastructure ● Foyston, Gordon & Payne Canadian Equity ● Mawer Canadian Global Equity (C) (W)

● Franklin Bissett Canadian Dividend ● Mawer Focus Global Equity (C) (W) GLOBAL EQUITY

● Franklin Bissett Canadian Equity ● RBC GAM Global All Equity ● Brandes Global Equity (W)

● Guardian Canadian Equity (C) ● Capital Group Global Equity

● Guardian Canadian Equity SRI CANADIAN GLOBAL BALANCED ● Epoch Inv. Partners Global Equity Yield

● Guardian Canadian Equity Income ● Foyston, Gordon & Payne Canadian Global Balanced ● Franklin Templeton Global ADR Equity

● Jarislowsky Fraser Canadian Equity (W) ● Jarislowsky Fraser North American Balanced (W) ● Guardian Global Dividend (US$) ● Mawer Canadian Equity (C) (W) ● Mawer Canadian Focus Global Balanced (C) (W) ● Harding Loevner Global Equity ADR

● PAG A+ Canadian Core ● Mawer Global Balanced 40/60 (C) (W) ● Kempen Global High Dividend ADR

● PAG A+ Canadian Core Dividend ● Mawer Global Balanced 60/40 (C) (W) ● Walter Scott Global Equity ADR

● RBC GAM Canadian All Cap Core ● RBC GAM Global Balanced ● Walter Scott Global Dividend Growth

● RBC GAM Canadian Dividend Income ● RBC GAM Global Balanced - Core F.I.

● Scheer Rowlett Canadian Equity (W) (R) ● RBC GAM Global Conservative INTERNATIONAL EQUITY

● Sionna Large Cap ● RBC GAM Global Growth ● Brandes International Equity (W)

● Cambiar International ADR

CANADIAN FIXED INCOME U.S. LARGE CAP EQUITY ● Capital Group International Equity ● Beutel Goodman Canadian Fixed Income ● AGF Investments U.S. Growth Equity ● Earnest Partners International Equity ADR

● Franklin Bissett Canadian Fixed Income ● Aristotle U.S. Large Cap Value Equity ● Federated International Value Strategic Divid. ADR

● Guardian Canadian Fixed Income ● Brown U.S. Large Cap Growth Equity ● Franklin Templeton International ADR Equity

● Lorica Short-Term Fixed Income ● Brown U.S. Large Cap Sustainable Growth (ESG) ● Harding Loevner International Equity ADR

● Lorica Canadian Focused Fixed Income ● Delaware U.S. Large Cap Value Equity (C) ● Invesco International ADR Growth

● RBC GAM Canadian Core Fixed Income ● Earnest Partners U.S. Large Cap Core (W) ● Kempen Intl High Dividend ADR

● RBC GAM Canadian Laddered Bond ● Eaton Vance U.S. Large Cap Growth Equity ● RBC GAM International ADR

● Federated U.S. Strategic Value Dividend ● Walter Scott International Equity ADR

CANADIAN CORPORATE FIXED INCOME ● Jennison U.S. Large Cap Growth Equity

● Beutel Goodman Canadian Corp/Prov F.I. ● Kovitz Investment Group Core Equity U.S. FIXED INCOME

● Lorica Canadian Focused Corporate Fixed Income ● Logan U.S. Large Cap Growth ● Madison U.S. Intermediate Government

● RBC GAM 5Yr Laddered TMCB ETF ● Madison U.S. Large Cap Core ● Madison 1-5 Yr US Inv. Gr. Corp. Bond Ladder

● Montag & Caldwell U.S. Large Cap Growth (W)

CANADIAN BALANCED ● PAG U.S. Core Dividend Portfolio ETF STRATEGISTS

● Foyston, Gordon & Payne Canadian Balanced ● Poplar Forest LLC U.S. Large Cap Value ● Forstrong Conservative Core

● Guardian Canadian Balanced (C) ● RBC GAM U.S. Dividend ● Forstrong Moderate Core

● RBC GAM Canadian Balanced Income ● Sovereign U.S. Dividend Performers ● Forstrong Aggressive Core

● RBC GAM Canadian Balanced ● Wedgewood U.S. Large Cap Focused Growth ● Forstrong Global Income Focus

● RBC GAM Canadian Balanced - Core F.I. ● Forstrong Global Balanced Focus

● Guardian Canadian Income Plus U.S. ALL CAP EQUITY ● Forstrong Global Growth Focus

● Guardian Diversified Income ● Brandes U.S. Value Equity (W) ● PAG Canadian Active Allocation Portfolio

● Jarislowsky Fraser Canadian Balanced (W) ● Riverfront Moderate Growth and Income

● RBC GAM Canadian Conservative U.S. SMALL-MID CAP//MID CAP EQUITY ● Riverfront Global Growth

● RBC GAM Canadian Conservative - Core F.I. ● Earnest U.S. Mid Cap Core ● Sage Core Plus Fixed Income

● RBC GAM Canadian Conservative Income ● Madison U.S. Mid Cap Core ● Sage Moderate Growth

● Gannett Welsh & Kotler U.S. Small/Mid Cap Core ● Sage All Cap Equity Plus

● Kayne Anderson Small/Mid Cap Core (C) Mandate Closed; (W) Mandate on Watch; (R) Mandate on Restricted (Hold) List ● PENN U.S. Small/Mid Cap Core RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member–Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. Insurance products are offered through RBC Wealth Management Financial Services Inc., a subsidiary of RBC Dominion Securities Inc. ®Registered trademarks of Royal Bank of Canada. Used under licence. ©2016 RBC Dominion Securities Inc. All rights reserved.