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Welcome to the RBC Global Asset Management site for Institutional Investors

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Please read the following terms and conditions carefully. By accessing and any pages thereof (the "site"), you agree to be bound by these terms and conditions as well as any future revisions RBC Global Asset Management Inc. ("RBC GAM Inc.") may make in its discretion. If you do not agree to the terms and conditions below, do not access this website, or any pages thereof. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. PH&N Institutional is the institutional business division of RBC GAM Inc.

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Products and services of RBC GAM Inc. are only offered in jurisdictions where they may be lawfully offered for sale. The contents of this site do not constitute an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.

No information included on this site is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any product or service. The amount of risk associated with any particular investment depends largely on the investor's own circumstances.

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The material on this site has been provided by RBC GAM Inc. for information purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM Inc. It is for general information only and is not, nor does it purport to be, a complete description of the investment solutions and strategies offered by RBC GAM Inc., including RBC Funds, RBC Private Pools, PH&N Funds, RBC Corporate Class Funds and RBC ETFs (the "Funds"). If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail.

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About Our Funds

The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

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For many years, investing with environmental, social, and governance (ESG) issues in mind was not well understood. When first introduced, investors had many questions surrounding ESG and its potential effect on portfolio returns, but had few places to go for answers. Over time, investment approaches have grown more sophisticated, while data and definitions have evolved, giving investors more information and flexibility. Meanwhile, the rise of systemic issues like climate change and high-profile social and geopolitical movements have brought ESG issues and their potential financial impacts to the fore.

Over the past five years, RBC Global Asset Management (RBC GAM) has published an annual Responsible Investment Survey

of global institutional investors. The survey asks investors in the US, Canada, Europe and Asia for their thoughts on topics trending within the responsible investment universe. We have observed a slow but steady migration towards greater adoption of ESG factors in portfolio management.

To what extend are ESG principles used in your investment decision making?

ESG has evolved

During that period, new research on ESG and new methods of measuring responsible investment and sustainability criteria have emerged, giving investors advanced insights into their portfolios and more methods of engaging with managers and companies.

On top of this, global events have shaped the thinking of governments, regulators, and investors, and have led to significant change and evolution in responsible investing strategies, investor sophistication, and the range of approaches available.

ESG has evolved. It now encompasses a wide range of strategies and styles, many of which target specific ESG themes or focus on targeted market segments. Meanwhile, the consideration of ESG issues in the investment process has continued to grow. For one, global action on addressing the potential impacts of climate change has grown, and investors are incorporating new tools in assessing potential climate-related financial and systemic risks and opportunities. Diversity and inclusion issues have also come to the fore (more on this topic), while investor consideration of other social factors like human rights and supply chain management continues to rise. In addition, regulatory and legislative efforts across the globe aim to improve transparency of material ESG issues. Some are focused on enhanced disclosures for corporations, while others are aimed at market participants themselves, as agencies seek to further define ‘sustainable’ investments.

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What are your reason(s) for incorporating ESG in your investment approach?

However, it is not all one-way traffic. While those that believe in the merits of ESG investing are increasing in number, there are also those that have chosen not to employ ESG in their investment decisions for various reasons.

Despite this, there is growing evidence of momentum behind responsible investing. RBC GAM’s survey in 2021 showed that 51% of institutional investors believed ESG strategies could help them achieve potential long-term outperformance, or alpha, while 61% believed ESG investing could help mitigate risk.

Look back on the past five years

In this report we look back on the past five years of the evolution of the ESG investing world and explore how it has become a more mainstream way of allocating capital.

We will delve into the events that shaped the path we have taken, the research that has supported it, and the route it may take us in the years ahead.

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