Access cApitAl - JConnelly · Benchmarked to the Bloomberg Barclays Securitized Index, the Access Capital Community Investment Strategy has managed credit risk since its inception

Access cApitAlCommunity Investment Strategy

Where Social Benefits Drive Financial Returns

Community impaCt

Access Capital invests in the building

blocks of stronger communities,

including:

¾ Homeownership and affordable housing

¾ Small business loans

¾ Local healthcare and educational opportunities

innovation & Customization

Access Capital has a history of

first-to-market initiatives,

including:

¾ Ability to target specific geographic regions based on investor preferences

¾ Strategic partnerships with housing finance agencies, philanthropic foundations and government entities

¾ Working directly with originators to create unique securities

CompEtitivE FiXED inComE REtuRns

Market-rate performance

built on:

¾ High-quality, low-volatility securities

¾ Offering daily liquidity and transparency

¾ Focused on capital preservation

Access Capital constructs custom portfolios from bonds many investors already hold and creates new investment opportunities to generate greater impact—both for investors and the communities they care about most.

Access Capital offers:

Access Capital

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Value Proposition

With traditional fixed income investments, impact is incidental to returns. Even most impact investing is purposeful but not personal. Access Capital is uniquely positioned to meet the unique goals of individual investors.

IMpACt Limited and unintentional

AggregateBonDs poRtFolio

traditional Fixed Income

Customize IMpACt Intentional and purposeful

BonDs poRtFolio

Impact Investing

the Access Capital Solution: Making a Market

CustomizeCreate IMpACt Innovative and purposeful

BonDs poRtFolio

Access Capital | Process & Approach

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Access Capital | Innovation & Customization

Access Capital has invested millions to strengthen low- and middle-income communities without forcing investors to sacrifice safety, liquidity or market level returns.

Impact Investing Pioneer

Access Capital President Ron Homer created the first geographically and demographically targeted mortgage backed securities under the Community Reinvestment Act (CRA).

Making an Impact for 20 years

Access Capital was founded in 1997 to bring capital to underserved communities. The strategy was launched one year later with backing from Fannie Mae.

First to Market

The Access Capital Strategies Community Investment Fund (XACSX) was the first to allow retail investors to achieve the double bottom line of competitive financial returns and societal benefits.

Creative Partnerships

We help foundations make an investment impact in addition to their grant distributions.

HistoRy oF innovation

1977

1997

1998

2006

History of Innovation

Community Reinvestment Act passed

Access Capital founded as an independent registered investment adviser

Access Capital Community Investment Strategy launched

Voyageur Asset Management (Royal Bank of Canada) becomes sub-advisor

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> People

> Process

> Performance

Access Capital

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Who We Are

Access Capital

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Access Capital | The Fixed Income Team

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Experience and Depth

Investment team empowered to excel through research-focused, sector-team structure

Institutional Portfolio Managers provide continuous engagement and client communication

Lead Portfolio Managers and sector teams average 19 years of experience

The Fixed Income Team

mike lee, CFaChief Executive Officer, President & Chief Investment Officer

institutional portfolio managers / Client service

John utter Head of Institutional Client Service – US

Bridget tompkins Client Service Manager

Ronald Homer Managing Director President – Access Capital

Catherine Banat Institutional Portfolio Manager

scott Cabalka Institutional Portfolio Manager

Randy Harrison, CFa Institutional Portfolio Manager

stacy Johnson, CFa Institutional Portfolio Manager

amy Carlson Associate Portfolio Manager

Chris Boppre Associate Portfolio Manager

Risk management

Joshua Howard, CFaDirector of Investment Risk

Edith lotterman, CFa Senior Performance Analyst

tiffany Knutson Senior Performance Analyst

steven azar Senior Investment Risk Analyst

patrick sonmene Investment Risk Analyst

sydney seydel Investment Risk Analyst

Joe taffeOperational Risk Analyst

lead portfolio managers

sector teams

Brandon swensen, CFaCo-Head, US Fixed Income

Brian svendhal, CFaCo-Head, US Fixed Income

Raye Kanzenbach, CFa Senior Portfolio Manager

laurie mount Analyst

scott Kirby Senior Portfolio Manager

Eric Hathaway, CFa Portfolio Manager

valnie Dayaljee Junior Analyst

Karen ly Junior Analyst

Jake Rath, CFa Portfolio Manager

James Weinand, CFa Portfolio Manager

alexey Baskakov, CFa Senior Analyst

John northup, CFa Analyst

matt mueller, CFa Analyst

Government & mortgage Research

municipal Research

Credit Reserach

Access Capital Leadership

Ronald A. Homer

Managing Director,

Institutional Portfolio

Manager and President,

Access Capital

Strategies

Ron leads RBC GAM’s impact investing effort.

He is responsible for servicing the firm’s impact

investing clients and ensuring investment

solutions are implemented based on each

client’s customized requirements. Prior to

joining RBC GAM, he was co-founder and

chief executive of Access Capital Strategies

LLC, which was acquired by RBC GAM-US in

2008. He was first introduced to community-

focused impact investing during his 13 years as

president and chief executive officer of Boston

Bank of Commerce.

Catherine Banat

Institutional

Portfolio Manager,

Impact Investing

Catherine Banat

is responsible for

servicing the firm’s impact investing clients

and ensuring that investment solutions are

implemented based on each client’s impact

requirements. Prior to joining RBC GAM,

Catherine managed strategic initiatives,

risk and compliance for The New York City

Retirement Systems, a $150 billion public

pension plan, where she also researched,

developed and implemented the plan’s

Economically Targeted Investment

(ETI) program.

Raye C. Kanzenbach

Chief Financial Officer

Raye Kanzenbach leads

the municipal research

team in RBC GAM’s

fixed income division.

He researches various tax- and revenue-

backed municipal bonds and is a portfolio

manager for several of the firm’s tax-exempt

and community investing mandates and was

instrumental in the launch of the RBC Money

Market Fund.

Investment Management

Access Capital | The Access Capital Team

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Access Capital Leadership

Brandon t. Swensen

Co-Head,

U.S. Fixed Income

Brandon joined RBC

GAM-US in 2000 as a

financial analyst, and

has since served as a portfolio manager on the

mortgage and government team and a research

analyst covering asset-backed securities and

credit. As co-head of the U.S. Fixed Income

team, he helps shape the overall fixed income

philosophy and process.

Scott Kirby

Vice President, Senior

Portfolio Manager

Scott Kirby is a member

of the mortgage and

government research

team in RBC GAM’s fixed-income group and

co-portfolio manager for the community

investment strategy. He joined RBC GAM-US

in 2012 and most recently served as manager

of investments for a large foundation with a

mission of reducing poverty. His experience

includes overseeing a $20 billion portfolio of

agency and non-agency mortgage-backed,

commercial mortgage-backed and asset-

backed securities.

Brian Svendahl

Co-Head,

U.S. Fixed Income

Brian shapes the overall

fixed income philosophy

and process for RBC

GAM-US, overseeing fixed-income research,

portfolio management and trading. He is also

the portfolio manager for the Access Capital

Community Investment Strategy and many of

RBC GAM’s government mandates. He joined

the firm in 2005 and most recently led the

mortgage and government team.

Investment Management

Access Capital | The Access Capital Team

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process & ApproAch

Access Capital

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INVEStMENt RISK MANAGEM

ENtINVEStMENt RISK MANAGEM

ENt

Principal preservation is the bedrock of our approach

Review Census Data

All mortgage-backed securities (MBS) evaluated according to Area Median Income (AMI) criteria.

Buy Discipline

All securities are screened for impact as well as duration, sector allocation, security characteristics, and other factors.

Risk Management

We use our internally developed analytics platform to assess risk factors in multiple timeframes (daily, weekly, monthly), security types, quality bands and industries.

Source and Create Securities

Over 95% of securities are AAA backed by the full faith and credit of the U.S. Government, and most are created to our specifications.

Research & Analysis

We emphasize rigorous qualitative, quantitative and valuation research, and work directly with originators, brokers and other intermediaries to identify loans that meet our criteria for inclusion in economically-targeted securities.

A Dynamic Portfolio Process

MonitoringSector

Allocation

Client ObjectivesInvestment Universe

Portfolio Construction

Security Analysisand Selection

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Impact Bond Creation Process

Access Capital Community Investment StrategySource Impact

Investment Opportunities

Access Capital team sources securities with originators and

local partners.

EvaluateInvestment attributes of all

securities assessed.

Screen for Impact/ Client Fit

Securities analyzed for desired social impact and geography.

ReviewContinual monitoring of client impact preferences to ensure

complete allocation.

AllocationSecurities allocated to

specific clients.

Securitization & trade Execution

Loans are securitized and the transaction is finalized.

coMMunity iMpAct

Access Capital

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Access Capital | Community Impact

Impact investing is a broad term encompassing a vast range of investments, including affordable housing, small business development, education and healthcare projects, alternative energy, sustainable agriculture and more.

Ultimately, impact investing can be a powerful tool that helps investors put their money to work for their financial futures and the broader social good.

Access Capital’s approach to impact investing provides the double bottom line benefit of aiding underserved communities while earning a competitive rate of return.

Having an Impact Where It’s Needed

REal WoRlD impaCt

Access Capital has contributed to impact investments in 48 states and the District of Columbia.

Highlights include:

15,352 low- to moderate-income

home buyers

67,870 affordable rental units

466 nursing home facility beds

455 SBA loans

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Access Capital | Community Impact

Precision Targeting

There’s no substitute for seeing the positive results of your investment. Qualified investors can target their funds according to geographic location and income level in order to support their interests and priorities.

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Delivering coMpetitive FixeD incoMe returns

Access Capital

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Benchmarked to the Bloomberg Barclays Securitized Index, the Access Capital Community Investment Strategy has managed credit risk since its inception by buying only securities backed by the U.S. government or highly rated municipalities. We monitor the portfolio on a daily basis subjecting it to stringent controls for hundreds of risk factors.

Delivering a Market Rate of Return

-3.0%

3.0%

7.0%

9.0%

11.0%

13.0%

-1.0%

1.0%

5.0%

2016 2015 2014 2013 2012 2011 2010 2009 2007 20062008 2005 2004 2002 2001 2000 19992003

Access Capital Community Investment Strategy (Gross) Access Capital Community Investment Strategy (Net) Bloomberg Barclays U.S. Securitized Index*

As of 9.30.16 Source: RBC Global Asset Management, Bloomberg. Inception of the performance record is 7.1.98

*The benchmark was changed on 7.1.08 from a blend of 80% Merrill Lynch Mortgage Index/20% Merrill Lynch U.S. Treasury Index to Bloomberg Barclays U.S. Securitized Index to more accurately reflect the strategy. Presented returns link the Bloomberg Barclays U.S.

Securitized Index returns after 7.1.08 to the previous benchmark prior to that date. Past performance is not indicative of future results. Returns are presented in gross and net of fees and include the reinvestment of all income. Performance and composite information

presented is supplemental to the “GIPS® Compliant Presentation” appendix which contains additional information regarding calculation of performance data.

Access Capital | Competitive Fixed Income Returns

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Access Capital | Competitive Fixed Income Returns

Producing Sustainable Income While Protecting PrincipalWe emphasize rigorous qualitative, quantitative and valuation research of individual high credit quality securities with low volatility. Most of the portfolio is made up of U.S. Government agency securities and securities backed by the full faith and credit of the U.S. Government.

CREDit DistRiButionsECuRity typEs

Customized Agency Guaranteed Single Family Mortgages

(GNMA, Fannie Mae, Freddie Mac)

Agency CMBS

(Fannie Mae DUS and GNMA

Project Loans)

US Government-Guaranteed portion of SBA Loans

Municipal Securities

(Rated AA or higher)

70.1%

30.4%

4%

-4.5%

As of 3.31.17 Source: Citigroup Yield Book

Sector and Credit Distribution charts are based on a representative account. Such data may vary for each client in the strategy and is subject to change. The representative account is the account in the composite that RBC GAM-US believes most closely reflects the current portfolio

management style for this strategy. Credit distribution is based upon the average of the current ratings assigned to each security in the portfolio by Moody’s, Standard and Poor’s and Fitch. If any agency does not provide a rating, an average of the agencies providing a rating is

used. If there are no ratings for a security it will be listed as Not Rated (NR).

Access Capital | Delivering Competitive Fixed Income Returns

Portfolio Characteristics

Access Capital Community

Investment Strategy

Bloomberg Barclays U.S. Securitized

Bond Index

Bloomberg Barclays U.S. Aggregate Bond

Index

CharacteristicsCommunity

Investment PortfolioBroad Market

Effective

Duration4.7 years 4.9 years 5.9 years

Yield to

Maturity2.9% 2.8% 2.6%

Average

Maturity

6.6 years7.1 years 8.2 years

Average

QualityAAA AAA AA

Convexity -1.0 -1.4 0.2

Treasury OAS* +46.8 basis points 27.8 basis point +44 basis points

*OAS (Option Adjusted Spread): The price of an option compared to the spot rate of Treasuries; methodology using option pricing techniques to value the embedded options risk

component of a bond’s total spread.

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Access Capital | Delivering Competitive Fixed Income Returns

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Stronger Together

The targeted investments made by Access Capital provide the common threads that support stable, vibrant communities. While each delivers its own tangible benefits, together they weave a dynamic tapestry that is stronger than any of its individual threads.

Jobs

Housing

Health Care

Education

sustainaBlE BEnEFits

Safe and affordable housing drives physical and mental health benefits, which contribute greatly to educational and employment outcomes that have profound impact over the course of a person’s life.

Close-to-home community

colleges often serve older, lower

income, minority students.

Early and ongoing access to

education leads to more job

opportunities.

Stable job opportunities

improve access to rentals and is

essential to homeownership.

Access Capital

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reAl WorlD iMpAct

Access Capital | Real World Impact

The success of Access Capital’s strategy can be seen across the country, in new homes, job opportunities, healthcare facilities and local economies. Access Capital helps strengthen the building blocks of communities, providing capital to:

¾ Help first-time homebuyers in low- and moderate-income areas

¾ Find, improve and provide affordable housing opportunities

¾ Deliver greater access to healthcare facilities

¾ Support small businesses that meet consumer needs and provide local

employment opportunities

While each of these efforts delivers its own benefits, together they create stronger, self-sustaining communities that are poised for a brighter future.

Impact Investing that Builds Stronger Communities

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CasE stuDy: tHE DElaWaRE statE HousinG autHoRity

¾ The Delaware State Housing Authority (DSHA) has been providing quality,

affordable housing opportunities and supportive services to low- and moderate-

income Delawareans since 1968.

¾ Serves both as a Public Housing Authority and acts as a Community Development

and Planning Agency.

¾ Makes loans for single-family, owner-occupied homes and first-time home buyers

with below-average median family income.

Owning a home has long been a pillar of the American dream. But would-be homeowners in low- and moderate-income communities are overlooked by the banking industry, even with good credit. Access Capital helps low- and moderate-income home buyers (13,741 to date) access mortgages at prime rates and open the door to their own home.

Homeownership

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CasE stuDy: villaGEs at Roll Hill, CinCinnati, oH

¾ 100% Section 8 Housing

¾ Near public transportation

¾ On-site programs for seniors, childcare and parenting

Affordable Housing

Villages at Roll Hill, Cincinnati, OH

Across America, rental housing stock is severely limited and often overpriced. 80% of low-income households pay more than 1/3 of their income for rent, leaving less for food, healthcare and education. Access Capital has invested in the financing of 45,272 affordable rental units, buying first mortgages of multifamily rental units, helping to support renters with income limits, who are further supported by federal, state and housing authority assistance programs.


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CasE stuDy: ConWay HEaltH anD REsouRCE CEntER, WasHinGton, DC

¾ Comprehensive medical, dental and behavioral healthcare in an underserved area

¾ Expanded healthcare access to 10,000 more residents

¾ Sliding fee scale for low-income or uninsured patients

Healthcare

Conway Health and Resource Center, Washington, DC

Lack of access to comprehensive, quality healthcare services impacts the ability of men, women and children to lead healthy and productive lives. Access Capital invests in a range of healthcare facilities in underserved communities—including nursing homes, community clinics, skilled nursing care and family dentistry—resulting in healthier, more stable and more productive communities.

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CasE stuDy: mEtRopolitan statE CollEGE, DEnvER, Co

¾ Educational opportunity for Denver’s growing Hispanic community

¾ Investment helped expand facility to support increased enrollment

¾ Creation of institutional identity critical to recruiting students, faculty and staff;

increasing student success and retention rates

Education

Metropolitan State College in downtown Denver

Low-income census tracts suffer from a dearth of educational opportunities and particularly access to higher education. Access Capital invests in tax-exempt and taxable bonds to finance capital improvements in education, including new classrooms, labs and technology, providing greater educational and employment opportunities to the community.


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CasE stuDy: ClEan, REnEWaBlE EnERGy, st. paul, mn

¾ Full-service solar energy installation solutions for homes and businesses

¾ Has helped over 1,000 families and businesses transition to solar energy

¾ Employment for 52 individuals

Small Businesses

Would-be small business owners often lack the capital to open business that serve the community, like laundry facilities, supermarkets and clinics. Access Capital buys the guaranteed portions of SBA loans to deliver more services to the residents of low- and moderate-income communities and provide more job opportunities within the local economy.

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Access Capital’s dedication to innovation includes identifying areas for impact investing outside the norm.

Rural and Agricultural Programs

Access Capital purchases rural homeownership securities guaranteed by Ginnie Mae and farm loans guaranteed by the U.S. Department of Agriculture.

State Economic Development Issues

We buy taxable and tax-exempt municipal securities issued by special-purpose government agencies, such as the Delaware State Housing Authority and Arkansas Development Finance Authority.

Green Bonds

We invest in municipal bonds used to finance and refinance energy efficiency loans for single- and multi-family residential properties.

Community Development Structured Finance

Access Capital collaborates with a wide network of capital-markets players interested in one-of-a-kind transactions. Examples include loans to human services facilities and securitizations of loans made by municipal economic development authorities.

Overlooked Opportunities

Access Capital

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sAMple client report

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The requested Designated Target Region (DTR) selection is the 23 counties comprising the Greater Atlanta region. The strategy’s total investment in the state of Georgia as of December 31, 2016 was approximately $10 million. Overall as of the same date the strategy had assets of $1 billion and community investments in 48 states and the District of Columbia.

The client’s requested DTR selection includes 75 loans located in 14 counties and 31 cities and towns in the greater Atlanta region. 65 of these loans support mortgages for low- and moderate-income families, 2 of these support 293 beds in Nursing Home facilities, the Rosemont at Stone Mountain and the New London Health Center, 4 of these loan support 577 affordable rental units of multi-family housing and 4 of these loans support small businesses.

The material on the following pages details the underlying loans within each security. Please note that any loan amount references are estimates of current loan amounts and represent the original mortgage amount adjusted for security factor, which may include prepaid loans; therefore, mortgage amounts presented may no longer be outstanding. Please refer to “Important Disclosures” at the end of this report for additional information for determining estimated current loan information.

Sample Summary

Access Capital | Sample Client Report

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The requested Designated Target Region (DTR) selection is the 23 counties comprising the Greater Atlanta region. The strategy’s total investment in the state of Georgia as of December 31, 2016 was approximately $10 million. Overall as of the same date the strategy had assets of $1 billion and community investments in 48 states and the District of Columbia.

The client’s requested DTR selection includes 75 loans located in 14 counties and 31 cities and towns in the greater Atlanta region. 65 of these loans support mortgages for low- and moderate-income families, 2 of these support 293 beds in Nursing Home facilities, the Rosemont at Stone Mountain and the New London Health Center, 4 of these loan support 577 affordable rental units of multi-family housing and 4 of these loans support small businesses.

The material on the following pages details the underlying loans within each security. Please note that any loan amount references are estimates of current loan amounts and represent the original mortgage amount adjusted for security factor, which may include prepaid loans; therefore, mortgage amounts presented may no longer be outstanding. Please refer to “Important Disclosures” at the end of this report for additional information for determining estimated current loan information.

Sample Summary

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Sample Allocated Investment Types

Investment type Estimated Current Loan Amount*

Number of Loans Impact

Affordable Multi-Family

Rental Housing

Community Investment Portfolio

4 577 Units

Mortgages for LMI

homebuyers4.7 years 65 65 mortgages

Healthcare Facilities /

Nursing Homes 2.9% 2 Supports 293 beds

Small Business Loans 6.6 years 4 4 small businesses

Total Allocated Investments

$8,774,464

*Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; there-

fore, loans and loan amounts presented in this Report may no longer be outstanding. Please refer to Important Disclosures at the end of this report for additional information about how

estimated current loan amount is determined.

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Trade Date Pool Number Cusip RateOriginal Loan

Amount

Estimated Current Loan

Amount* City County StateZip

Code Census Tract

LMI Census Tract Units

Borrower % of Median

Income Details03/06/2007 FN 885724 31410DAZ3 5.50% $166,686 $20,550 Cumming Forsyth GA 30040 1304.02 No 1 54.62%01/07/2015 FN AS4240 3138WDWA5 3.50% $194,999 $153,353 Cumming Forsyth GA 30041 1305.04 No 1 75.91%11/02/2016 FN AS8289 3138WJF78 3.00% $270,200 $269,364 Suwanee Forsyth GA 30024 1306.09 No 1 74.73%02/03/2012 FN AK2386 3138E6UL8 3.50% $149,779 $88,277 Alpharetta Fulton GA 30022 0114.15 No 1 48.81%03/06/2007 FN 885724 31410DAZ3 5.50% $162,001 $19,973 Alpharetta Fulton GA 30004 0115.01 No 1 72.14%11/02/2016 FN AS8289 3138WJF78 3.00% $254,600 $253,812 Alpharetta Fulton GA 30022 0114.27 No 1 74.41%11/02/2016 FN AS8289 3138WJF78 3.00% $256,000 $255,208 Atlanta Fulton GA 30318 0007.00 No 1 74.82%02/03/2012 FN AK2386 3138E6UL8 3.50% $236,659 $139,482 Atlanta Fulton GA 30327 0097.00 No 1 70.63%02/03/2012 FN AK2386 3138E6UL8 3.50% $201,709 $118,883 Atlanta Fulton GA 30328 0102.05 No 1 55.29%11/25/2013 FN AV0679 3138XBXH2 4.00% $126,450 $84,482 Atlanta Fulton GA 30311 0079.00 No 1 45.92%01/07/2015 FN AS4240 3138WDWA5 3.50% $225,200 $177,104 Roswell Fulton GA 30076 0114.17 No 1 79.29%01/07/2015 FN AS4240 3138WDWA5 3.50% $247,500 $194,641 Roswell Fulton GA 30076 0114.17 No 1 65.86%11/02/2016 FN AS8289 3138WJF78 3.00% $260,000 $259,195 Roswell Fulton GA 30075 0114.17 No 1 75.02%11/02/2016 FN AS8289 3138WJF78 3.00% $241,000 $240,254 Roswell Fulton GA 30075 0114.23 No 1 76.05%10/07/2010 FN AE5432 31419GBA1 4.00% $105,414 $44,104 Buford Gwinnett GA 30519 0506.00 No 1 36.27%11/25/2013 FN AV0679 3138XBXH2 4.00% $80,750 $53,949 Buford Gwinnett GA 30519 0506.09 No 1 67.31%03/06/2007 FN 885724 31410DAZ3 5.50% $72,776 $8,972 Duluth Gwinnett GA 30096 0503.14 No 1 54.24%09/13/2010 FN AE5861 31419GQP2 4.00% $160,000 $74,304 Duluth Gwinnett GA 30097 0502.04 No 1 43.18%08/19/2010 FN AE2023 31419CG98 4.00% $68,000 $16,132 Lawrenceville Gwinnett GA 30044 0505.19 No 1 20.70%11/25/2013 FN AV0679 3138XBXH2 4.00% $83,200 $55,586 Lawrenceville Gwinnett GA 30043 0505.47 No 1 63.51%03/06/2007 FN 885724 31410DAZ3 5.50% $99,052 $12,212 Lawrenceville Gwinnett GA 30043 0502.02 No 1 40.74%11/25/2013 FN AV0679 3138XBXH2 4.00% $79,897 $53,379 Lawrenceville Gwinnett GA 30043 0505.11 No 1 30.97%11/25/2013 FN AV0679 3138XBXH2 4.00% $86,000 $57,457 Lawrenceville Gwinnett GA 30043 0502.08 No 1 26.66%03/06/2007 FN 885724 31410DAZ3 5.50% $166,068 $20,474 Norcross Gwinnett GA 30092 0503.10 No 1 61.33%03/06/2007 FN 885724 31410DAZ3 5.50% $206,422 $25,449 Norcross Gwinnett GA 30092 0503.07 No 1 71.56%11/02/2016 FN AS8289 3138WJF78 3.00% $240,000 $239,257 Peachtree Corne Gwinnett GA 30092 0503.08 No 1 78.93%02/03/2012 FN AK2386 3138E6UL8 3.50% $114,831 $67,679 Sugar Hill Gwinnett GA 30518 0501.03 No 1 39.34%11/25/2013 FN AV0679 3138XBXH2 4.00% $84,000 $56,121 Oxford Newton GA 30054 1001.00 No 1 76.71%03/06/2007 FN 885724 31410DAZ3 5.50% $156,180 $19,255 Dallas Paulding GA 30132 1201.00 No 1 45.02%03/06/2007 FN 885724 31410DAZ3 5.50% $148,373 $18,293 Jasper Pickens GA 30143 0505.00 No 1 67.16%03/06/2007 FN 885724 31410DAZ3 5.50% $84,830 $10,459 Tate Pickens GA 30177 0501.00 No 1 24.10%

$5,369,461 65Total - Mortgages for LMI Homebuyers

Sample Investment Details

trade Datepool

NumberCusip Rate

Original Loan Amount

Est.Current Loan

Amount*City County State Zip Code

Census tract

LMI Census

tractUnits

Borrower% of Median

IncomeDetails

* Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; therefore, loans and loan amounts presented in this Report may no longer be outstanding. Please

refer to Important Disclosures at the end of this report for additional information about how estimated current loan amount is determined.

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Amount



Code Census Tract



Income Details11/25/2013 FN AV0679 3138XBXH2 4.00% $115,851 $77,400 Adairsville Bartow GA 30103 9602.00 Yes 1 34.50%02/03/2012 FN AK2386 3138E6UL8 3.50% $119,823 $70,621 Carrollton Carroll GA 30117 9911.00 No 1 69.94%11/25/2013 FN AV0679 3138XBXH2 4.00% $116,000 $77,500 Canton Cherokee GA 30114 0903.00 No 1 48.43%03/06/2007 FN 885724 31410DAZ3 5.50% $125,223 $15,438 Canton Cherokee GA 30115 0908.01 No 1 65.77%03/06/2007 FN 885724 31410DAZ3 5.50% $178,002 $21,946 Holly Springs Cherokee GA 30115 0908.02 No 1 78.36%06/22/2010 FN AD7272 31418VCJ9 4.50% $144,000 $38,488 Woodstock Cherokee GA 30189 0910.06 No 1 72.54%03/06/2007 FN 885724 31410DAZ3 5.50% $197,918 $24,401 Woodstock Cherokee GA 30189 0910.06 No 1 67.81%11/25/2013 FN AV0679 3138XBXH2 4.00% $90,000 $60,129 Woodstock Cherokee GA 30188 0908.02 No 1 65.45%11/25/2013 FN AV0679 3138XBXH2 4.00% $99,871 $66,724 Woodstock Cherokee GA 30188 0910.01 Yes 1 36.60%03/20/2007 FG A59530 3128KNST1 5.50% $110,000 $16,858 Hampton Clayton GA 30228 0406.07 No 1 78.19%01/07/2015 FN AS4240 3138WDWA5 3.50% $210,000 $165,150 Jonesboro Clayton GA 30236 0406.14 No 1 67.17%11/25/2013 FN AV0679 3138XBXH2 4.00% $138,492 $92,527 Acworth Cobb GA 30101 0302.26 No 1 53.34%11/25/2013 FN AV0679 3138XBXH2 4.00% $131,826 $88,073 Atlanta Cobb GA 30339 0312.11 No 1 72.40%01/07/2015 FN AS4240 3138WDWA5 3.50% $244,900 $192,597 Kennesaw Cobb GA 30144 0302.28 No 1 55.82%03/20/2007 FG A59530 3128KNST1 5.50% $108,815 $16,677 Kennesaw Cobb GA 30144 0303.10 No 1 58.73%06/22/2010 FN AD7272 31418VCJ9 4.50% $130,000 $34,746 Kennesaw Cobb GA 30144 0302.12 No 1 35.67%03/20/2007 FG A59530 3128KNST1 5.50% $65,000 $9,962 Kennesaw Cobb GA 30152 0302.15 No 1 71.37%03/06/2007 FN 885724 31410DAZ3 5.50% $92,907 $11,454 Marietta Cobb GA 30066 0303.24 No 1 64.61%11/25/2013 FN AV0679 3138XBXH2 4.00% $93,000 $62,134 Marietta Cobb GA 30066 0303.24 No 1 79.67%11/25/2013 FN AV0679 3138XBXH2 4.00% $75,100 $50,175 Marietta Cobb GA 30068 0303.19 No 1 35.24%02/03/2012 FN AK2386 3138E6UL8 3.50% $131,017 $77,219 Marietta Cobb GA 30068 0304.01 No 1 58.01%02/03/2012 FN AK2386 3138E6UL8 3.50% $125,000 $73,673 Marietta Cobb GA 30064 0309.02 Yes 1 74.53%11/25/2013 FN AV0679 3138XBXH2 4.00% $125,050 $83,546 Marietta Cobb GA 30062 0303.27 No 1 51.89%02/03/2012 FN AK2386 3138E6UL8 3.50% $196,367 $115,735 Marietta Cobb GA 30062 0303.35 No 1 79.50%03/20/2007 FG A59530 3128KNST1 5.50% $143,000 $21,916 Marietta Cobb GA 30066 0305.01 No 1 74.04%03/06/2007 FN 885724 31410DAZ3 5.50% $162,234 $20,002 Marietta Cobb GA 30068 0303.19 No 1 79.37%03/20/2007 FG A59530 3128KNST1 5.50% $159,852 $24,498 Marietta Cobb GA 30062 0303.35 No 1 69.73%03/06/2007 FN 885724 31410DAZ3 5.50% $150,655 $18,574 Atlanta Dekalb GA 30360 0213.04 Yes 1 65.23%03/06/2007 FN 885724 31410DAZ3 5.50% $130,471 $16,085 Atlanta Dekalb GA 30329 0216.03 No 1 72.23%03/06/2007 FN 885724 31410DAZ3 5.50% $129,741 $15,995 Decatur Dekalb GA 30033 0217.04 No 1 53.05%11/25/2013 FN AV0679 3138XBXH2 4.00% $103,067 $68,859 Decatur Dekalb GA 30033 0223.01 No 1 67.87%01/07/2015 FN AS4240 3138WDWA5 3.50% $250,000 $196,608 Alpharetta Forsyth GA 30004 1306.01 No 1 65.84%11/02/2016 FN AS8289 3138WJF78 3.00% $273,500 $272,654 Cumming Forsyth GA 30028 1303.01 No 1 78.39%12/03/2010 FG A96339 312945BG2 4.00% $125,000 $63,433 Cumming Forsyth GA 30040 1304.01 No 1 48.15%




trade Datepool

NumberCusip Rate


Est.Current Loan


Census tract

LMI Census

tractUnits

Borrower% of Median

IncomeDetails

35




Amount



Code Census Tract



Income Details

04/05/2012 GNR 2012-53 AC 38378BTA7 2.38% $400,000 $314,493 Stone Mountain Dekalb GA 30083 2190.13 Yes Rosemont At Stone Mountain09/12/2012 GNR 2012-112 B 38378BF87 2.70% $250,000 $250,000 Snellville Gwinnett GA 30078 0507.18 No New London Health Center

$564,493

01/12/2016 GNR 2016-11 AD 38379RCR2 2.25% $250,000 $245,207 Atlanta Dekalb GA 30316 0237.00 Yes 100 Columbia Mill04/09/2013 GNR 2013-63 AB 38378KNV7 1.38% $800,000 $589,284 Lithonia Dekalb GA 30058 0233.10 Yes 312 Ashley Vista Apartments04/26/2016 GNR 2016-64 CA 38379USP2 2.30% $500,000 $493,881 Atlanta Fulton GA 30318 0087.00 Yes 101 Manor at Scotts Crossing10/26/2016 GNR 2016-157 AC 38379UZ82 2.00% $500,000 $499,275 Monroe Walton GA 30655 1104.00 Yes 64 Skyline Trace Apartments

$1,827,648 577

05/19/2016 SBA509843 83164L5C1 0.90% $400,000 $391,686 Atlanta Fulton GA 30318 0086.01 Yes Automotive Recycling01/06/2016 SBA522222 83165AVP6 4.45% $40,000 $33,647 Norcross Gwinnett GA 30071 0503.06 Yes Used Car Sales05/19/2016 SBA509843 83164L5C1 0.90% $200,000 $195,843 Mcdonough Henry GA 30252 0703.04 Yes Automotive Repair05/19/2016 SBA509843 83164L5C1 0.90% $400,000 $391,686 Mcdonough Henry GA 30253 0703.04 Yes Child Day Care Service

$1,012,862

$8,774,464

Total - Health Care Facilities / Nursing Homes

Total - Affordable Multi-Family Rental Housing

Total - Small Business Loans

Total - Allocated Investments

trade Datepool

NumberCusip Rate


Est.Current Loan


Census tract

LMI Census

tractUnits

Borrower% of Median

IncomeDetails



36


Sample Geographic SummaryCounty Estimated Current

Loan Amount*% of total

Bartow $77,400 0.9%

Carroll $70,621 0.8%

Cherokee $304,627 3.5%

Clayton $182,008 2.1%

Cobb $974,932 11.1%

Dekalb $1,268,498 14.5%

Forsyth $975,962 11.1%

Fulton $2,716,880 31.0%

Gwinnett $1,012,604 11.5%

Henry $587,529 6.7%

Newton $56,121 0.6%

Paulding $19,255 0.2%

Pickens $28,751 0.3%

Walton $499,275 5.7%

Total $8,774,464 100.0%

As of 12.31.16 Source: RBC Global Asset Management

Size of investment location on map is reflective of size of estimated current loan amount.



37


RosEmount at stonE mountain

stone mountain, Georgia

¾ 149 beds for seniors with illness or

disabilities

¾ Post-surgical rehab

¾ Alzheimer care programs

Access Capital commitment: $400,000

nEW lonDon HEaltH CEntER snellville, Georgia

¾ 144 bed extended care facility

¾ 24-hr/day care for seniors

¾ Close to Emory Eastside

Medical Center

Access Capital Commitment: $250,000

manoR at sCott’s CRossinG atlanta, Georgia

¾ 101 units

¾ Affordable multi-family housing

¾ Low-income housing in service

since 2012

Access Capital Commitment: $500,000

Sample Case Studies

38


This report (the “Report”) is being provided, at the request of the party named on the cover page, by RBC Global Asset

Management (U.S.) Inc. (“RBC-GAM-US”) for informational purposes only. The information presented is based on data obtained

from sources deemed to be reliable; however, it is not guaranteed as to accuracy and does not purport to be complete.

Past performance is not indicative of future results.

This Report is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any

investment strategy and should not be construed as tax or legal advice.

This Report contains information for securities that are not held at RBC GAM-US; therefore, this Report is not a substitute for

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discrepancies in this Report, please consult your Institutional Client Service Portfolio Manager.

This Report contains loan level information within each security as requested by your Designated Target Region (“DTR”)

allocation. The estimated current loan amount and other data calculated based on the original loan characteristics at the time

of the initial investment in the security by RBC GAM-US. In cases where RBC GAM-US purchases a security that allows allocation

of specific loans, all future reporting will be based on the initial allocated investment. The estimated current loan amount is

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underlying loans in the security taking into account payments, defaults, and pre-payments, if any. Because loan level information

is not available, the security factor is applied to all loans equally. Actual loans may be greater or less than the estimated current

loans presented in this Report. In situations when specific loan pay-off information is available, the estimated current loan

amount will reflect the pay-off to the specific loan.

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Important Disclosures

FoR moRE inFoRmation on HoW RBC GloBal assEt manaGEmEnt Can sERvE you, plEasE ContaCt us:

Mike Refojo Head of Institutional Sales - US 225 Franklin Street, Suite 2700 Boston, MA 02110 tel: 617-722-4740 [email protected]

This document is intended for distribution only to institutional investors and financial professionals based in the US and is not for distribution to retail clients or the public. All material presented is compiled from sources be-lieved to be reliable and current, but accuracy cannot be guaranteed. Investment advisory services provided by RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), a federally registered investment adviser founded in 1983. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that the current or past results are indicative of future profitability or expecta-tions. The views expressed herein reflect the RBC GAM-US as of 9.30.16. Views are subject to change at any time based on market or other conditions. RBC Global Asset Management (U.S.) Inc. (“RBC Global Asset Management - US” or “RBC GAM-US”) is a federally registered investment adviser founded in 1983. RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and comprises the following affiliates, all of which are indirect wholly owned subsidiaries of RBC: RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management Inc., RBC Global Asset Management (UK) Limited (RBC GAM-UK), BlueBay Asset Management LLP, BlueBay Asset Management USA LLC and the asset management division of RBC Investment Management (Asia) Limited. ®/™ Trademark(s) of Royal Bank of Canada. Used under license.

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