An anonymous director reports

RBC GLOBAL ASSET MANAGEMENT INC. ANNOUNCES THE CAPPING AND CLOSURE OF PHILLIPS, HAGER & NORTH INFLATION-LINKED BOND FUND

Royal Bank of Canada's RBC Global Asset Management Inc. will close Phillips, Hager & North Inflation-Linked Bond Fund, effective on or about June 14, 2024. The fund is closed to new purchases, effective immediately.

Pre-established preauthorized purchases for existing unitholders will continue to be made until the effective date. Unitholders may redeem or switch their holdings in the fund until market close of June 12, 2024. Any remaining units will be redeemed, and the proceeds distributed to unitholders.

In the case of the fund being held in registered plans, the redemption proceeds will remain within the plan unless unitholders instruct otherwise in advance of market close on June 12, 2024. There will be no tax implications as a result of the transaction if units are held in a registered plan.

If units of the fund are held in a non-registered account, the closure of the fund will be treated as a deemed disposition, and may result in a taxable capital gain or loss, depending on each unitholder's individual situation.

Unitholders will be sent a written notice regarding the closure of the fund.

Please consult your adviser 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 in Canada. RBC GAM Inc. is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank.

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