AMENDMENT NO. 2 dated October 17, 2013 to the annual information form dated June 27, 2013, as amended by Amendment No. 1 dated July 26, 2013.

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1 AMENDMENT NO. 2 dated October 17, 2013 to the annual information form dated June 27, 2013, as amended by Amendment No. 1 dated July 26, RBC FUNDS Series D units (unless otherwise indicated) MONEY MARKET FUNDS RBC Canadian T-Bill Fund RBC Canadian Money Market Fund RBC $U.S. Money Market Fund FIXED-INCOME FUNDS RBC Canadian Short-Term Income Fund RBC Monthly Income Bond Fund RBC Bond Fund RBC Global Bond Fund RBC $U.S. Investment Grade Corporate Bond Fund RBC Global Corporate Bond Fund RBC High Yield Bond Fund (Series D and Series H units) RBC $U.S. High Yield Bond Fund RBC Global High Yield Bond Fund RBC Monthly Income High Yield Bond Fund RBC Emerging Markets Bond Fund BlueBay Global Monthly Income Bond Fund BlueBay Emerging Markets Corporate Bond Fund BlueBay Global Convertible Bond Fund (Canada) MANAGED PAYOUT SOLUTIONS RBC Managed Payout Solution Enhanced Plus BALANCED FUNDS AND PORTFOLIO SOLUTIONS RBC Monthly Income Fund RBC $U.S. Income Fund RBC Balanced Fund RBC Global Balanced Fund RBC Jantzi Balanced Fund RBC Balanced Growth & Income Fund RBC Target 2020 Education Fund RBC Target 2025 Education Fund RBC Target 2030 Education Fund CANADIAN EQUITY FUNDS RBC Canadian Dividend Fund RBC Canadian Equity Fund RBC QUBE Canadian Equity Fund RBC QUBE Low Volatility Canadian Equity Fund RBC Jantzi Canadian Equity Fund RBC O Shaughnessy Canadian Equity Fund RBC O Shaughnessy All-Canadian Equity Fund RBC Canadian Equity Income Fund

2 NORTH AMERICAN EQUITY FUNDS RBC North American Value Fund RBC North American Growth Fund U.S. EQUITY FUNDS RBC U.S. Dividend Fund RBC U.S. Equity Fund RBC U.S. Equity Currency Neutral Fund RBC QUBE U.S. Equity Fund RBC QUBE Low Volatility U.S. Equity Fund RBC O Shaughnessy U.S. Value Fund RBC U.S. Mid-Cap Equity Fund RBC U.S. Mid-Cap Equity Currency Neutral Fund RBC U.S. Mid-Cap Value Equity Fund RBC U.S. Small-Cap Core Equity Fund RBC O Shaughnessy U.S. Growth Fund RBC O Shaughnessy U.S. Growth Fund II RBC Life Science and Technology Fund INTERNATIONAL EQUITY FUNDS RBC International Equity Fund RBC O Shaughnessy International Equity Fund RBC European Equity Fund RBC Asian Equity Fund RBC Emerging Markets Dividend Fund RBC Emerging Markets Equity Fund RBC Emerging Markets Small-Cap Equity Fund GLOBAL EQUITY FUNDS RBC Global Dividend Growth Fund RBC QUBE Global Equity Fund RBC QUBE Low Volatility Global Equity Fund RBC Jantzi Global Equity Fund RBC O Shaughnessy Global Equity Fund RBC Global Energy Fund RBC Global Precious Metals Fund RBC Global Resources Fund RBC Global Technology Fund (each, a fund, and together, the funds ) This Amendment No. 2 dated October 17, 2013 to the annual information form of the RBC Funds dated June 27, 2013, as amended by Amendment No. 1 dated July 26, 2013 (the Annual Information Form ) amends the certificates in the Annual Information Form and provides certain additional information in respect of the funds in conjunction with Amendment No. 2 dated October 17, 2013 to the simplified prospectus of the RBC Funds dated June 27, 2013, as amended by Amendment No. 1 dated July 26, The Annual Information Form, with respect to the funds, should be read subject to this information. Summary Effective October 8, 2013, the required minimum balance per fund that must be maintained by investors in order to be eligible to invest in Series D units was reduced from $10,000 per fund to $500 per fund and, effective November 4, 2013, Series D units of the funds may be made available at other discount brokers in addition to RBC Direct Investing Inc. and Phillips, Hager & North Investment Funds Ltd. 2

3 Amendment The Annual Information Form is amended as follows: (a) The fourth sentence under the heading Description of units of the funds on page 21 is hereby deleted and replaced with the following: Series D units are available to investors who have accounts with RBC DI or other discount brokers. (b) The disclosure under the subheading Series D units on page 27 is hereby deleted and replaced with the following: Series D units are available to investors who have accounts with RBC DI, and may also be available at other discount brokers, where you must invest and maintain a minimum balance of $500 for each fund and any additional investments must be at least $25. We pay a reduced trailing commission with respect to Series D units, which means we can charge a lower management fee. RBC DI and other discount brokers do not provide investment recommendations or advice to their clients. If you wish to transfer your holdings of units of a fund to RBC DI or another discount brokerage account, you must contact RBC DI or the other discount broker. If you hold units of a fund, other than Series D units, in an RBC DI or other discount brokerage account and become eligible to hold Series D units, you may instruct RBC DI or your discount broker to reclassify your units but it will not be done automatically. Series D units may also be available to investors who have accounts with Phillips, Hager & North Investment Funds Ltd. (PHN IF ), where the account minimums established by PHN IF from time to time are satisfied. / Trademark(s) of Royal Bank of Canada. Used under licence. RBC Global Asset Management Inc

4 Certificate of the Funds, the Manager, the Promoter and the Principal Distributor of the Funds (Series H) This amendment no. 2 dated October 17, 2013, together with the annual information form of the funds dated June 27, 2013, as amended by amendment no. 1 dated July 26, 2013, and the simplified prospectus dated June 27, 2013, as amended by amendment no. 1 dated July 26, 2013 and amendment no. 2 dated October 17, 2013, and the documents incorporated by reference into the simplified prospectus, as amended, constitute full, true and plain disclosure of all material facts relating to the securities offered by the simplified prospectus, as amended, as required by the securities legislation of each of the provinces and territories of Canada and do not contain any misrepresentations. Dated: October 17, 2013 John S. Montalbano Frank Lippa John S. Montalbano Chief Executive Officer RBC Global Asset Management Inc., as trustee, manager, promoter and principal distributor of the funds (Series H) Frank Lippa Chief Financial Officer and Chief Operating Officer RBC Global Asset Management Inc., as trustee, manager, promoter and principal distributor of the funds (Series H) On behalf of the Board of Directors of RBC Global Asset Management Inc., as trustee, manager, promoter and principal distributor of the funds (Series H) Douglas Coulter Daniel E. Chornous Douglas Coulter Director Daniel E. Chornous Director C-1

5 Certificate of the Principal Distributor of the Funds (Series D) This amendment no. 2 dated October 17, 2013, together with the annual information form of the funds dated June 27, 2013, as amended by amendment no. 1 dated July 26, 2013, and the simplified prospectus dated June 27, 2013, as amended by amendment no. 1 dated July 26, 2013 and amendment no. 2 dated October 17, 2013, and the documents incorporated by reference into the simplified prospectus, as amended, constitute full, true and plain disclosure of all material facts relating to the securities offered by the simplified prospectus, as amended, as required by the securities legislation of each of the provinces and territories of Canada and do not contain any misrepresentations. Dated: October 17, 2013 RBC DIRECT INVESTING INC. Rosalyn Kent Rosalyn Kent President and Chief Executive Officer C-2