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MINNEAPOLIS, June 18, 2020 /PRNewswire/ - RBC Global Asset Management ("RBC GAM")today announced that it reduced fees for five of its U.S. mutual funds available to institutional and retail investors. RBC GAM reviews its fees on a consistent basis and these fee reductions reflect the firm's commitment to delivering transparency, value and choice to investors. "RBC Global Asset Management strives to ensure that our U.S. mutual fund fees are compelling relative to their peers," said Jeff Masom, Global Head of Institutional Distribution at RBC Global Asset Management. "We are pleased to offer some of our top-selling funds at fees that are in the bottom quartile of their respective peer groups1. Through these fee reductions, we are enhancing the value we offer to institutional investors and professional buyers in the intermediary market." The operating expense limits and/or management fees for the following funds are reduced effective June 18, 2020: Fund Operating Expense Limit Reduction2 Class A Class I Class R6 RBC BlueBay Emerging Market Debt Fund 112bps to 104bps 87bps to 79bps 82bps to 74bps RBC Emerging Markets Small Cap Equity Fund 170bps to 149bps 145bps to124bps NA RBC Global Opportunities Fund 111bps to 100bps 86bps to 75bps 81bps to 70bps RBC International Opportunities Fund 114bps to 105bps 89bps to 80bps 84bps to 75bps Fund Management Fee Reduction3 RBC BlueBay Emerging Market Debt Fund 75bps to 65bps RBC BlueBay High Yield Bond Fund 70bps to 55bps RBC Emerging Markets Small Cap Equity Fund 125bps to 104bps RBC Global Opportunities Fund 76bps to 65bps RBC International Opportunities Fund 80bps to 70bps About RBCRoyal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more atrbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact. About RBC Global Asset Management (RBC GAM)RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes BlueBay Asset Management and Phillips, Hager & PH&N Institutional. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage more than $345billionUSD in assets and have approximately 1,400employees located across Canada, the United States, Europe and Asia. Before investing, you should consider carefully a Fund's investment objectives, risks, charges, and expenses. This and other information is in the prospectus, which you can request by visiting https://us.rbcgam.com/mutual-funds/literature/content/default.fsor calling 800-422-2766. Please read the prospectus carefully before investing. Mutual fund investing involves risk. Principal loss is possible. RBCGlobal Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. The RBC BlueBay Emerging Markets Debt and High Yield Bond Funds are sub-advised by BlueBay Asset Management LLP. The RBC BlueBay High Yield Bond Fund is also sub-advised by BlueBay Asset Management USA LLC. The RBC Emerging Markets Small Cap Equity, Global Opportunities, and International Opportunities Funds are sub-advised by RBC Global Asset Management (UK) Limited. The Funds are distributed by Quasar Distributors, LLC. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC. Not FDIC Insured. No Bank Guarantee. May Lose Value. 1Source: Morningstar as of 5/31/20. Class I shares. The "bottom quartile" is the least expensive 25% and the "top quartile" is the most expensive 25% within a peer group. 2The Funds' gross expense ratios are: 2027bps (A), 203bps (I), and 3299bps (R6) for EM Debt; 236bps (A) and 125bps (I) for HY Bond; 543bps (A) and 507bps (I) for EM Small Cap Equity; 3700bps (A), 183bps (I), and 1866bps (R6) for Global Opportunities; and 3630bps (A), 116bps (I), and 2980bps (R6) for Intl Opportunities. The Adviser has contractually agreed to waive fees and/or pay operating expenses to limit the Funds' total expenses (excluding brokerage and other investment-related costs, interest, taxes, dues, fees and other charges of governments and their agencies, extraordinary expenses such as litigation and indemnification, other expenses not incurred in the ordinary course of the Fund's business and acquired fund fees and expenses) to the limits in the table. This expense limitation agreement is in place until January 31, 2021 for EM Debt, and until July 31, 2021 for EM Small Cap Equity, Global Opportunities, and Intl Opportunities, and may not be terminated by the Adviser before these dates. The limits in the table are as of the most recent prospectus supplements dated June 18, 2020 and applicable to investors. 3Management fees are included in the operating expense limits. A basis point is one hundredth of one percent, 0.01%. SOURCE RBC Global Asset Management (U.S.) Related Links http://www.rbc.com

Answer: RBC Global Asset Management reduces fees for five U.S. mutual funds