RBC Global Asset Management Inc. announces risk rating decrease to RBC Target 2020 Education Fund and changes to the investment strategies of two index funds

TORONTO, June 25, 2019

Risk rating decrease
The risk rating for RBC Target 2020 Education Fund has decreased from "low to medium" to "low".

Fund	Current Risk Rating	New Risk Rating
RBC Target 2020 Education Fund	Low to medium ARIVA.DE Börsen-Geflüster Kurse ISHARES CORE MSCI EAFE IMI IDX ETF -   0,00% IShares Core S&P 500 Index ETF 40,43 $ 0,00% Royal Bank Canada 98,16 $ +0,49%	Low

The change is consistent with the Fund's investment objective to become more conservative as its target date approaches.

Changes to investment strategies of RBC U.S. Index Currency Neutral Fund and RBC International Index Currency Neutral Fund
RBC U.S. Index Currency Neutral Fund will have the additional flexibility to invest in iShares Core S&P 500 Index ETF (CAD-Hedged) – Ticker: XSP.

RBC International Index Currency Neutral Fund will have the additional flexibility to invest in iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) – Ticker: XFH.

Currently, the Funds invest in the unhedged versions of the ETFs and separately use strategies to minimize U.S. dollar and foreign currency fluctuations.

These changes will be reflected in the renewal of the simplified prospectus for the Funds and will be effective June 27, 2019.

Please consult your advisor and read the prospectus or Fund Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC GAM Inc. and distributed through authorized dealers. RBC GAM Inc. is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes institutional money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. 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 approximately $430 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management