RBC Private Canadian Growth Equity Pool

Printed on April 24, 2020 RBC Private Canadian Growth Equity Pool

Investment Objective Portfolio Analysis as of March 31, 2020

To provide long-term growth primarily through capital Asset Mix % Assets Top 25 Holdings % Assets appreciation by investing in common stock and Cash 1.9 Royal Bank of Canada 7.8 equivalent securities of Canadian corporations. Fixed Income 0.0 The Toronto-Dominion Bank 6.6 Canadian Equity 95.6 The investment team utilizes a “growth at a reasonable Enbridge Inc 4.7 US Equity 1.0 price” (GARP) strategy that takes a qualitative approach Bank of Nova Scotia 4.0 International Equity 1.5 to assessing the expected long-term drivers of growth in Brookfield Asset Mgmt Inc Cl A 4.0 Other 0.0 mid- and large-capitalization stocks. The strategy is Canadian National Railway Co 3.7 primarily bottom-up, with some top-down influences. TC Energy Corp 3.3 Stocks that are purchased for the portfolio will include Manulife Financial Corp 2.9 Equity Style Equity Statistics both established companies with a demonstrated growth Canadian Pacific Railway Ltd 2.8 P/B Ratio 1.3 pattern that is expected to continue and companies with Weight % Alimentation Couche-Tard Inc Class B 2.5 29 20 24 P/E Ratio 12.5 emerging growth. Large > 50 Shaw Communications Inc Class B 2.4 P/FCF 5.1 3 8 8 25 - 50 Barrick Gold Corp 2.4 Mid 10 - 25 P/S 1.3 Fund Details 2 3 3 Sun Life Financial Inc 2.3

Small 0 - 10 Avg. Mkt Cap. $B 25.7 Bank of Montreal 2.1 Series Currency Fund Code Value Blend Growth Dividend Yield 4.0 Canadian Natural Resources Ltd 2.0 F CAD RBF20913 Top 5 Equity Sectors % Equity CGI Inc Class A 2.0 Inception Date November 2003 Financials 34.9 Shopify Inc A 1.9 Total Fund Assets $Mil 81.9 Energy 14.2 Constellation Software Inc 1.9 Series F MER % 0.90 Industrials 13.4 Suncor Energy Inc 1.7 Benchmark S&P/TSX Capped Quebecor Inc Class B 1.5 Composite Total Return Materials 11.3 Index Information Technology 7.7 Dollarama Inc 1.5 Min. Investment $ 500 % in Top 5 Equity Sectors 81.6 Nutrien Ltd 1.5 Subsequent Investment $ 25 Fortis Inc 1.4 Risk Measures Fund Benchmark Element Fleet Management Corp 1.2 3 Year Std Dev 14.1 14.2 Intact Financial Corp 1.2 Notes 5 Year Std Dev 12.8 12.1 Fund's sub-advisor changed effective March 16, 2020. Total % of Top 25 Holdings 69.3 Total Number of Stock Holdings 88 RBC Private Canadian Growth Equity Pool will merge Total Number of Bond Holdings 0 with Phillips, Hager & North Canadian Equity Fund Total Number of Other Holdings 1 effective April 30, 2020. Total Number of Holdings 89 Performance Analysis as of March 31, 2020 200 Growth of $100,000 180 Series F 160 $128,226 140 120 100 80

30 Calendar Returns % Series F 15 0 -15 -30 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 12.8 -10.2 5.3 19.0 8.7 -7.9 19.5 4.7 -12.3 15.9 -20.7 Fund 17.6 -8.7 7.2 13.0 10.6 -8.3 21.1 9.1 -8.9 22.9 -20.9 Benchmark

1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % -16.4 -20.7 -19.0 -16.6 -5.7 -2.3 2.1 5.1 Fund -17.4 -20.9 -18.4 -14.2 -1.9 0.9 4.1 — Benchmark

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Guardian Capital LP Distributions ($)/Unit YTD* 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Founded in 1962, Guardian Capital LP is an independent, Total Distributions 1.31 3.23 2.55 2.43 3.45 13.76 1.70 1.79 2.44 2.44 2.36 institutional investment firm managing $24 billion* in Interest 1.31 0.02 0.01 0.02 — — 1.70 — — — 2.36 assets on behalf of its clients. Guardian offers its Dividends — 3.22 2.54 2.41 2.12 2.01 — 1.79 2.44 2.44 — investment management expertise in multi-asset, equity, Capital Gains — — — — 1.33 11.75 — — — — — fixed-income and real estate management to pension Return Of Capital — — — — — — — — — — — fund clients, institutions, endowment/foundations, charitable organizations, First Nations, mutual funds and Best/Worst Periods % Ended 1 Yr Ended 3 Yr Ended 5 Yr Ended 10 Yr high net worth individuals. Best 2-2010 40.5 10-2007 22.8 2-2014 13.2 8-2014 9.0 Worst 2-2009 -38.1 2-2009 -7.7 10-2012 -2.5 3-2020 2.1 Average 7.3 6.2 5.0 5.4 No. of Periods 185 161 137 77 Pct. Positive 73.5 80.7 87.6 100.0 * Distributions are characterized into income type at year-end.

Commentary as at March 31, 2020 The Fund underperformed the index in Q1 2020. Scarred by this virus-induced recession, consumers The strategy had a variety of unrelated growth may prefer to save more rather than to spend. stocks that outperformed the Index, these include: Corporations are likely to be more timid about Kinaxis, Constellation Software, Jamieson taking on debt or utilizing existing liquidity for Wellness, Maple Leaf Foods, Cargojet, Waste capex spending, and in general opt to take a more Connections, Dollarama, and Open Text. cautious stance. The quite justified fear of a second wave of the virus that could come later in Holdings of a number of unrelated growth stocks 2020 or 2021 (before a vaccine is ready and detracted from performance, including: CGI Group, available in scale) likely serves to reinforce these Sleep Country, Park Lawn, Gildan Activewear, Boyd cautious behaviors. Group, Restaurant Brands International, and SNC- Lavalin. Our strategy during the COVID-19-induced bear market and heightened volatility has been to “trim We expect volatility to persist given the uncertainties related to the duration and severity and add”, while keeping our cash weight of the shutdowns that are impacting the global somewhat higher than normal as we await better economy. Once Europe and North America begin to visibility to reduce our cash. We have been open up again (this may occur on a rolling basis, trimming those names that we believe are less one geography after another), we expect an initial well-positioned in an extended COVID-19 V-shaped recovery as activity picks up and pent-up environment, and adding to those stocks where we demand is unleashed. have stronger conviction in the current environment while still possessing long-term However, it is quite possible the economic drivers of growth. Our strategy will be to add recovery will then prove to be more muted. gradually, as it will be difficult to call a bottom.

RBC Funds, RBC Private Pools, BlueBay amount of your investment in the fund will be data at the time of publication. Funds, PH&N Funds and RBC Corporate Class returned to you. The value of mutual funds Funds are offered by RBC Global Asset change frequently and past performance may Graphs are only used to illustrate the effects Management Inc. and distributed through not be repeated. of the compound growth rate and do not authorized dealers. reflect future values of any fund or returns on This document has been compiled by RBC investment of any fund. Series O units are available to individuals, Global Asset Management Inc. (RBC GAM) institutional clients or dealers who have from sources believed to be reliable, but no The fund profile is provided for informational entered into an agreement directly with RBC representations or warranty, express or purposes only. Particular investments and/or GAM. No management fees are payable by implied, are made by RBC GAM, its affiliates trading strategies should be evaluated the fund in respect of Series O units. or any other person as to its accuracy, relative to each individual’s investment Unitholders of Series O units pay a completeness or correctness. All opinions objectives. The information contained in the negotiated fee directly or indirectly to RBC and estimates constitute RBC GAM's fund profile is not, and should not be GAM. judgment as of the date of this document, are construed as, investment or tax advice. You subject to change without notice and are should not act or rely on the information Management fees and expenses all may be provided in good faith but without legal contained in the fund profile without seeking associated with mutual fund investments. responsibility. The Top Ten/25 Holdings may the advice of an appropriate professional Please read the prospectus or Fund Facts change due to ongoing portfolio transactions advisor. document before investing. Except as within the fund. The Prospectus and other otherwise noted, the indicated rates of return information about the underlying investment are the historical annual compounded total funds are available at www.sedar.com. Phillips, Hager & North Investment returns including changes in unit value and Management (PH&N IM) is a division of RBC reinvestment of all distributions and do not MER (%) for RBC Funds, RBC Private Pools, Global Asset Management Inc. (RBC GAM). take into account sales, redemption, PH&N Funds and BlueBay Funds is based on RBC GAM is the manager of PH&N Funds and distribution or optional charges or income actual expenses for the preceding calendar the principal portfolio adviser for PH&N taxes payable by any unitholder that would year or most recent half-year period ended Funds. The principal distributor of PH&N have reduced returns. June 30 expressed on an annualized basis, Funds is Phillips, Hager & North Investment depending on availability of data at the time Funds Ltd. (PH&NIF), which uses the trade Mutual fund securities are not guaranteed or of publication. name PH&N Investment Services. RBC GAM covered by the Canada Deposit Insurance is an indirect, wholly-owned subsidiaries of Corporation or by any other government MER (%) for RBC Corporate Class Funds is Royal Bank of Canada. deposit insurer. For money market funds, based on actual expenses for the preceding there can be no assurances that the fund will full year period ended March 31 or half-year ® / ™ Trademark(s) of Royal Bank of Canada. be able to maintain its net asset value per period ended September 30 expressed on an Used under licence. © RBC Global Asset unit at a constant amount or that the full annualized basis, depending on availability of Management Inc. 2020