TORONTO, November 12, 2025 — RBC Global Asset Management Inc. (“RBC GAM Inc.”) announced today that its special meeting of unitholders (the “Meeting”) of the RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Funds (defined below) has been rescheduled to February 13, 2026.

The Meeting was previously scheduled for November 7, 2025 for unitholders of RBC O'Shaughnessy All-Canadian Equity Fund, RBC O'Shaughnessy Canadian Equity Fund, RBC O'Shaughnessy U.S. Value Fund, RBC O'Shaughnessy U.S. Growth Fund, RBC O'Shaughnessy U.S. Growth Fund II, RBC O’Shaughnessy U.S. Value Fund (Unhedged), RBC O'Shaughnessy International Equity Fund, RBC O'Shaughnessy Global Equity (collectively, the “RBC O’Shaughnessy Funds”) and RBC U.S. Small-Cap Core Equity Fund and RBC U.S. Small-Cap Value Equity Fund (collectively, the “RBC U.S. Small-Cap Equity Funds”) to approve changes to investment objectives and proposed fund mergers. As a result of the Canada Post labour disruption, RBC GAM Inc. postponed the previously scheduled Meeting.

Changes to RBC O’Shaughnessy Funds

On or about March 13, 2026, O’Shaughnessy Asset Management, L.L.C. will cease to be the sub-advisor for the RBC O’Shaughnessy Funds. RBC GAM Inc. proposes to merge each RBC O’Shaughnessy Fund into a suitable RBC QUBE Fund or transition it to the RBC Quantitative Investments team where it will be renamed as the appropriate RBC QUBE Fund. This change is intended to better align RBC GAM Inc.’s quantitative product offering with client needs.

The proposed changes to RBC O’Shaughnessy Funds effective on or about March 13, 2026, are outlined in the table below:

RBC O’Shaughnessy Fund	Continuing Fund	Change
RBC O'Shaughnessy All-Canadian Equity Fund	RBC QUBE Canadian Equity Fund1	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC O'Shaughnessy Canadian Equity Fund
RBC O'Shaughnessy U.S. Value Fund	RBC QUBE U.S. Equity Currency Neutral Fund2	Rename and transition to RBC Quantitative Investments team. Unitholder approval required due to change in investment objectives
RBC O'Shaughnessy U.S. Growth Fund	RBC QUBE U.S. Equity Currency Neutral Fund2 (currently, RBC O’Shaughnessy U.S. Value Fund)	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC O'Shaughnessy U.S. Growth  Fund II
RBC O’Shaughnessy U.S. Value Fund (Unhedged)	RBC QUBE U.S. Equity Fund1
RBC O'Shaughnessy International Equity Fund	RBC QUBE International Equity Fund3	Rename and transition to RBC Quantitative Investments team Unitholder approval required due to change in investment objectives
RBC O'Shaughnessy Global Equity Fund	RBC QUBE Global Equity Fund	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar

1. Series AZ units of this fund will no longer be available for purchase by new investors as of March 13, 2026. Investors who hold Series AZ units of this fund on March 13, 2026, can continue to make additional investments into the fund.
2. On or about March 13, 2026, the management fee for Series D and Series F units of this fund will be reduced by 0.15% and Series A units of this fund will be renamed Series AZ units and will no longer be available for purchase by new investors. Investors who hold Series AZ units of this fund on March 13, 2026, can continue to make additional investments into the fund.
3. On or about March 13, 2026, the management fee for Series A, Series D, and Series F units of this fund will be reduced by 0.10%.

Changes to RBC U.S. Small-Cap Equity Funds

Further to RBC GAM Inc.’s announcement on June 26, 2025, the proposed changes to RBC U.S. Small-Cap Core Equity Fund and RBC U.S. Small-Cap Value Equity Fund (collectively, the “RBC U.S. Small-Cap Equity Funds”) are outlined in the table below. The proposed changes will be effective on or about March 13, 2026.

RBC U.S. Small-Cap Equity Fund	Continuing Fund	Change
RBC U.S. Small-Cap Core Equity Fund	RBC U.S. Mid-Cap Value Equity Fund	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC U.S. Small-Cap Value Equity Fund

Unitholder Meeting for RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds

The changes and proposed mergers of the RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds are subject to unitholder approval. RBC GAM Inc. has called and will hold a special meeting for unitholders of RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds on February 13, 2026, in Toronto, Ontario, to consider and vote upon the proposed changes and mergers. A notice-and-access document will be mailed to unitholders of record or their discretionary advisors as of December 8, 2025, outlining how to obtain a copy of the management information circular containing details of the proposed changes and mergers. The notice-and-access document and the management information circular will also be available on SEDAR+ at sedarplus.ca.

For each proposed fund merger in the tables above, unitholders of the applicable RBC O’Shaughnessy Fund or RBC U.S. Small-Cap Equity Fund will receive units of the respective continuing fund based on the continuing fund’s net asset value per unit. The merging RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds will terminate following completion of the mergers. RBC GAM Inc. will cover all costs and expenses associated with the mergers.

The proposed changes and fund mergers were presented to the Independent Review Committee (“IRC”) of the RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds. Following careful consideration, the IRC provided their positive recommendation, after determining that the changes and mergers achieve a fair and reasonable result for each of the applicable funds.

Units of the merging RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds will no longer be available for purchase effective as of the close of business on March 10, 2026. Purchases under pre-authorized contribution plans may continue depending on the dealer. Investors should consult their dealer for more information.

The RBC U.S. Small-Cap Equity Funds are no longer available for purchase by new investors. Only existing unitholders of RBC U.S. Small-Cap Equity Funds can continue to make additional investments into the funds.

Unitholders of the merging RBC O’Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds may redeem their units up to the close of business on the effective date of the mergers.

About RBC Global Asset Management

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). 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. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional), manage approximately $740 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.