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RNS Number : 5846Z

Royal Bank of Canada

27 May 2016

To view this report in PDF, please click on the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5846Z_-2016-5-27.pdf

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016

This report contains information regarding assets pledged as security (the Cover Pool) in respect of the obligations under the Covered Bonds issued under RBC's Global Covered Bond Programme as of the indicated Calculation Date. The composition of the Cover Pool will change as Loans are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans in the Cover Pool will vary over time. Certain of the information set forth in this report, including credit bureau scores, current ratings and "The Teranet-National Bank House Price Index™" Methodology has been obtained from and is based upon sources believed by RBC and the Guarantor LP to be accurate, however, neither RBC nor the Guarantor LP makes any representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information or assumes any liability for any errors or any reliance you place on such information. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The information contained in this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security, which will be made only by a prospectus or otherwise in accordance with applicable securities laws. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.

THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE HOUSING CORPORATION (CMHC) NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS REPORT. THE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.

The Cover Pool is owned by RBC Covered Bond Guarantor Limited Partnership (Guarantor LP), which has no liabilities or claims outstanding against it other than those relating to the RBC Covered Bond Programme. Please click on the link below for additional information about the RBC Covered Bond Programme and the information contained herein. For the meaning of capitalized terms used and not otherwise defined in this report, click the following link and go to the Glossary tab in the Monthly Investor Report section: http://www.rbc.com/investorrelations/fixed_income/covered-bonds-terms.html

In this report, currency amounts are stated in Canadian dollars ("$"), unless otherwise specified.

Programme Information

Outstanding Covered Bonds
	Initial		C$	Final
Series	Principal Amount	Translation Rate	Equivalent	Maturity Date(1)	Interest Basis	Rate Type
CB2	€ 1,250,000,000	1.5070000 C$/€	$1,883,750,000	1/22/2018	4.625%	Fixed
CB6	$1,100,000,000	N/A	$1,100,000,000	3/30/2018	3.770%	Fixed
CB7	CHF 500,000,000	1.1149700 C$/CHF	$557,485,000	4/21/2021	2.250%	Fixed
CB8	US$2,500,000,000	0.9762000 C$/US$	$2,440,500,000	9/19/2017	1.200%	Fixed
CB10	US$1,750,000,000	1.0368000 C$/US$	$1,814,400,000	7/22/2016	1.125%	Fixed
CB11	€ 2,000,000,000	1.3650000 C$/€	$2,730,000,000	8/4/2020	1.625%	Fixed
CB12	AU$1,250,000,000	0.9334000 C$/AU$	$1,166,750,000	8/9/2016	3 month BBSW +0.53%	Floating
CB13	US$2,000,000,000	1.0300000 C$/US$	$2,060,000,000	10/1/2018	2.000%	Fixed
CB14	€ 1,500,000,000	1.4175000 C$/€	$2,126,250,000	10/29/2018	1.250%	Fixed
CB15	€ 1,000,000,000	1.4694000 C$/€	$1,469,400,000	6/19/2019	0.750%	Fixed
CB16	AU$750,000,000	1.0024000 C$/AU$	$751,800,000	9/23/2019	3 month BBSW +0.57%	Floating
CB17	US$1,750,000,000	1.0972000 C$/US$	$1,920,100,000	9/23/2019	2.200%	Fixed
CB18	US$2,000,000,000	1.2520000 C$/US$	$2,504,000,000	2/5/2020	1.875%	Fixed
CB19	$1,500,000,000	N/A	$1,500,000,000	3/23/2020	3 month BA +0.36%	Floating
CB20	$700,000,000	N/A	$700,000,000	3/23/2020	1.590%	Fixed
CB21	€ 1,000,000,000	1.3870000 C$/€	$1,387,000,000	6/17/2022	0.875%	Fixed
CB22	€ 279,500,000	1.4017000 C$/€	$391,775,150	7/21/2031	1.652%	Fixed
CB23	£400,000,000	1.9872000 C$/£	$794,880,000	7/20/2018	3 month £ Libor +0.28%	Floating
CB24	US$500,000,000	1.2986000 C$/US$	$649,300,000	7/23/2018	3 month USD LIBOR +0.30%	Floating
CB25	€ 1,250,000,000	1.4899000 C$/€	$1,862,375,000	12/16/2020	0.500%	Fixed
CB26	US$1,750,000,000	1.3027000 C$/US$	$2,279,725,000	10/14/2020	2.100%	Fixed
CB27	€ 410,500,000	1.4525000 C$/€	$596,234,800	12/15/2034	1.616%	Fixed
CB28	€ 100,000,000	1.5370000 C$/€	$153,700,000	1/14/2036	1.625%	Fixed
CB29	£350,000,000	1.8915000 C$/£	$662,025,000	3/11/2019	3 month £ Libor +0.50%	Floating
CB30	€ 1,500,000,000	1.4808000 C$/€	$2,221,200,000	3/11/2021	0.125%	Fixed
CB31	US$1,750,000,000	1.3266000 C$/US$	$2,321,550,000	3/22/2021	2.300%	Fixed
CB32	$2,000,000,000	N/A	$2,000,000,000	4/26/2019	1.400%	Fixed
Total			$40,044,199,950
OSFI Covered Bond Limit			$44,733,539,040
Weighted average maturity of Outstanding Covered Bonds (months)				44.64
Weighted average remaining term of Loans in Cover Pool (months)				28.25

Series Ratings		Moody's	DBRS	Fitch
CB2		Aaa	AAA	AAA
CB6		Aaa	AAA	AAA
CB7		Aaa	AAA	AAA
CB8		Aaa	AAA	AAA
CB10		Aaa	AAA	AAA
CB11		Aaa	AAA	AAA
CB12		Aaa	AAA	AAA
CB13		Aaa	AAA	AAA
CB14		Aaa	AAA	AAA
CB15		Aaa	AAA	AAA
CB16		Aaa	AAA	AAA
CB17		Aaa	AAA	AAA
CB18		Aaa	AAA	AAA
CB19		Aaa	AAA	AAA
CB20		Aaa	AAA	AAA
CB21		Aaa	AAA	AAA
CB22		Aaa	AAA	AAA
CB23		Aaa	AAA	AAA
CB24		Aaa	AAA	AAA
CB25		Aaa	AAA	AAA
CB26		Aaa	AAA	AAA
CB27		Aaa	AAA	AAA
CB28		Aaa	AAA	AAA
CB29		Aaa	AAA	AAA
CB30		Aaa	AAA	AAA
CB31		Aaa	AAA	AAA
CB32		Aaa	AAA	AAA

(1) An Extended Due for Payment Date twelve-months after the Final Maturity Date has been specified in the Final Terms of each Series. The Interest Basis specified in this report in respect of each Series applies until the Final Maturity Date for the relevant Series following which the floating rate of interest specified in the Final Terms of each Series is payable monthly in arrears from the Final Maturity Date to but excluding the Extended Due for Payment Date.

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 1 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016


Supplementary Information
Parties to RBC Global Covered Bond Programme
Issuer		Royal Bank of Canada
Guarantor entity		RBC Covered Bond Guarantor Limited Partnership
Servicer & Cash Manager		Royal Bank of Canada
Swap Providers		Royal Bank of Canada
Covered Bond Trustee & Custodian		Computershare Trust Company of Canada
Asset Monitor(1)		Deloitte LLP
Account Bank & GDA Provider		Royal Bank of Canada
Standby Account Bank & GDA Provider		Bank of Montreal
Paying Agent(2)		The Bank of New York Mellon
(1) It is expected that, in connection with PricewaterhouseCoopers LLP having been appointed as the Issuer's external auditor for fiscal 2016, Deloitte LLP will resign and PricewaterhouseCoopers LLP will be appointed as Asset Monitor prior to the next report being published.
(2) The Paying Agent in respect of Series CB7 is Credit Suisse AG. The Paying Agent in respect of Series CB19 and Series CB20 is Royal Bank of Canada.

Royal Bank of Canada's Ratings(1) (2)
		Moody's	DBRS	Fitch
Senior Debt		Aa3	AA	AA
Subordinated Debt		A3	AA (low)	AA-
Short-Term		P-1	R-1 (high)	F1+
Rating Outlook		Negative	Negative	Negative

Applicable Ratings of Standby Account Bank & Standby GDA Provider(2)
		Moody's	DBRS	Fitch
Senior Debt		P-1	R-1 (high) / AA	F-1+ / AA-

Description of Ratings Triggers(2) (3)
A. Party Replacement

If the rating(s) of the Party falls below the level stipulated below, such party is required to be replaced or in the case of the Swap Providers (i) transfer credit support and (ii) replace itself or obtain a guarantee for its obligations.

Role (Current Party)		Moody's	DBRS	Fitch
Account Bank/GDA Provider (RBC)		P-1	R-1(mid) & AA(low)	F1 / A
Standby Account Bank/GDA Provider (BMO)		P-1	R-1(mid) & AA(low)	F1 / A
Cash Manager (RBC)		P-2	BBB(low) (long)	F2 / BBB+
Servicer (RBC)		Baa3 (long)	BBB(low) (long)	F2
Interest Rate Swap Provider (RBC)		P-2 / A3	R-2(high) & BBB(high)	F3 / BBB-
Covered Bond Swap Provider (RBC)		P-2 / A3	R-2(high) & BBB(high)	F3 / BBB-

B. Specified Rating Related Action
i. The following actions are required if the rating of the Cash Manager (RBC) falls below the stipulated rating
		Moody's	DBRS	Fitch
(a) Asset Monitor is required to verify the Cash Manager's calculations of the Asset Coverage/Amortization test on each Calculation Date		Baa3 (long)	R-1(mid) & A(low)	BBB- (long)

(b) Amounts received by the Cash Manager are required to be deposited directly into the Transaction Account		P-1	R-1(mid) & AA(low)	F1 / A

(c) Amounts received by the Servicer are to be deposited directly to the GIC Account and not provided to the Cash Manager		P-1	R-1(mid) & AA(low)	F1 / A

ii. The following actions are required if the rating of the Servicer (RBC) falls below the stipulated rating
a) Servicer is required to hold amounts received in a separate account and transfer them to the Cash Manager or GIC Account, as applicable, within 2 business days		P-1	R-1(mid) & AA(low)	F1 / A
iii. The following actions are required if the rating of the Issuer (RBC) falls below the stipulated rating
		Moody's	DBRS	Fitch
(a) Repayment of the Demand Loan		N/A	N/A	F2 / BBB+

(b) Establishment of the Reserve Fund		P-1	R-1(mid) & A(low)	F1 / A

iv. The following actions are required if the rating of the Issuer (RBC) falls below the stipulated rating
		Moody's	DBRS	Fitch
(a) Cash flows will be exchanged under the Covered Bond Swap Agreement (to the extent not already occurring) except as otherwise provided in the Covered Bond Swap Agreement		Baa1 (long)	BBB(high) (long)	BBB+ (long)

v. Each Swap Provider is required to replace itself, transfer credit support or obtain a guarantee of its obligations if the rating of such Swap Provider falls below the specified rating
		Moody's	DBRS	Fitch

(a) Interest Rate Swap Provider		P-1 / A2	R-1(mid) & A(high)	F1 / A

(b) Covered Bond Swap Provider		P-1 / A2	R-1(mid) & A(high)	F1 / A

Events of Default & Triggers
Asset Coverage Test (C$ Equivalent of Outstanding Covered Bonds < Adjusted Aggregate Asset Amount)			Pass
Issuer Event of Default			No
Guarantor LP Event of Default			No

(1) Subordinated Debt ratings are not the subject of any ratings related actions or requirements under the RBC Covered Bond Programme.
(2) Where only one rating is expressed such rating relates to the short-term rating (unless otherwise specified) and where two ratings are expressed the first is short-term and the second long-term.
(3) The discretion of the Guarantor LP to waive a required action upon a Rating Trigger may be limited by the terms of the Transaction Documents.

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 2 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016


Asset Coverage Test

C$ Equivalent of Outstanding Covered Bonds			$40,044,199,950

A = lower of (i) LTV Adjusted True Balance, and			$45,137,096,612	A (i)	$48,531,698,058
(ii) Asset Percentage Adjusted True Balance, as adjusted				A (ii)	$45,137,096,612
B = Principal Receipts			-	Asset Percentage:		93.00%
C = Cash Capital Contributions			-	Maximum Asset Percentage:		93.00%
D = Substitute Assets			-
E = Reserve Fund balance			-
F = Negative Carry Factor calculation			$795,968,900
Adjusted Aggregate Asset Amount (Total: A + B + C + D + E - F)			$44,341,127,712

Valuation Calculation

Trading Value of Covered Bonds	$43,331,922,137

A = LTV Adjusted Present Value	$48,627,780,744	Weighted Average Effective Yield
		of Performing Eligible Loans:	2.67%
B = Principal Receipts	-
C = Cash Capital Contributions	-
D = Trading Value of Substitute Assets	-
E = Reserve Fund Balance	-
F = Trading Value of Swap Collateral	-
Present Value Adjusted Aggregate Asset Amount (Total: A + B + C + D + E + F)	$48,627,780,744

Cover Pool Flow of Funds

	29-Apr-2016		31-Mar-2016
Cash Inflows
Principal Receipts	$948,098,537		$971,166,659
Proceeds for sale of Loans	$0		$0
Draw on Intercompany Loan	$0		$0
Revenue Receipts	$111,828,346		$116,844,742
Swap receipts	$86,915,886	(1)	$91,538,992	(2)
Cash Outflows
Swap payment	($111,828,346)	(1)	($116,844,742)	(2)
Swap Breakage Fee	$0		$0
Intercompany Loan interest	($86,742,054)	(1)	($91,355,914)	(2)
Intercompany Loan principal	($948,098,537)	(1)	($971,166,659)	(2)
Purchase of Loans	$0		$0
Net inflows/(outflows)	$173,832		$183,078


(1) Cash settlement to occur on May 17, 2016
(2) Cash settlement occurred on April 18, 2016

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 3 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016


Cover Pool Summary Statistics

Previous Month Ending Balance			$49,494,703,430
Current Month Ending Balance			$48,546,309,990
Number of Mortgages in Pool				314,792
Average Mortgage Size				$154,217
Number of Properties				259,710
Number of Borrowers				250,548
				Original(1)	Indexed(2)
Weighted Average LTV - Authorized				71.20%	59.41%
Weighted Average LTV - Drawn				62.18%	52.10%
Weighted Average LTV - Original Authorized				73.67%
Weighted Average Mortgage Rate				2.74%
Weighted Average Seasoning (Months)				26.40
Weighted Average Original Term (Months)				54.65
Weighted Average Remaining Term (Months)				28.25

(1) Value as most recently determined or assessed in accordance with the underwriting policies (whether upon origination or renewal of the Eligible Loan or subsequently thereto).
(2) Value as determined by adjusting, not less than quarterly, the Original Market Value for each Property subject to the Related Security in respect of a Loan utilizing the Housing Price Index Methodology for subsequent price developments. See Appendix under "Housing Price Index Methodology" for details.

Disclaimer: Due to rounding, numbers presented in the following distribution tables may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Cover Pool Delinquency Distribution

Aging Summary	Number of Loans	Percentage	Principal Balance	Percentage
Current and less than 30 days past due	314,198	99.81	$48,445,126,416	99.79
30 to 59 days past due	219	0.07	$38,548,399	0.08
60 to 89 days past due	101	0.03	$18,785,121	0.04
90 or more days past due	274	0.09	$43,850,053	0.09
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Provincial Distribution

Province	Number of Loans	Percentage	Principal Balance	Percentage
Alberta	40,453	12.85	$7,219,215,689	14.87
British Columbia	60,784	19.31	$11,890,391,001	24.49
Manitoba	13,355	4.24	$1,548,978,986	3.19
New Brunswick	5,754	1.83	$480,480,841	0.99
Newfoundland and Labrador	3,837	1.22	$449,935,797	0.93
Northwest Territories	49	0.02	$6,463,656	0.01
Nova Scotia	9,743	3.10	$968,689,355	2.00
Nunavut	2	0.00	$69,706	0.00
Ontario	124,084	39.42	$19,615,358,511	40.41
Prince Edward Island	1,186	0.38	$102,529,056	0.21
Quebec	43,690	13.88	$4,665,040,231	9.61
Saskatchewan	11,660	3.70	$1,564,685,591	3.22
Yukon	195	0.06	$34,471,568	0.07
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Credit Bureau Score Distribution

Credit Bureau Score	Number of Loans	Percentage	Principal Balance	Percentage
Score Unavailable	412	0.13	$53,077,204	0.11
499 and below	763	0.24	$110,560,844	0.23
500 - 539	700	0.22	$111,559,447	0.23
540 - 559	685	0.22	$106,949,395	0.22
560 - 579	852	0.27	$142,925,690	0.29
580 - 599	1,448	0.46	$230,908,867	0.48
600 - 619	2,380	0.76	$382,575,734	0.79
620 - 639	3,974	1.26	$644,467,254	1.33
640 - 659	6,301	2.00	$1,035,459,862	2.13
660 - 679	9,642	3.06	$1,601,898,553	3.30
680 - 699	13,384	4.25	$2,219,003,238	4.57
700 - 719	17,305	5.50	$2,803,970,705	5.78
720 - 739	19,696	6.26	$3,135,682,530	6.46
740 - 759	21,107	6.71	$3,391,510,570	6.99
760 - 779	23,174	7.36	$3,763,581,234	7.75
780 - 799	25,947	8.24	$4,261,202,672	8.78
800 and above	167,022	53.06	$24,550,976,190	50.57
Total	314,792	100.00	$48,546,309,990	100.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 4 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Rate Type Distribution

Rate Type		Number of Loans		Percentage	Principal Balance	Percentage
Fixed		220,760		70.13	$32,734,468,462	67.43
Variable		94,032		29.87	$15,811,841,528	32.57
Total		314,792		100.00	$48,546,309,990	100.00

Mortgage Asset Type Distribution

	Number of Loans	Percentage	Principal Balance	Percentage
Conventional Mortgage	59,690	18.96	$11,029,757,922	22.72
Homeline Mortgage Segment	255,102	81.04	$37,516,552,068	77.28
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Occupancy Type Distribution

Occupancy Type	Number of Loans	Percentage	Principal Balance	Percentage
Not Owner Occupied	28,067	8.92	$4,468,540,298	9.20
Owner Occupied	286,725	91.08	$44,077,769,692	90.80
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Mortgage Rate Distribution

Mortgage Rate (%)	Number of Loans	Percentage	Principal Balance	Percentage
1.9999% and below	9,851	3.13	$2,023,712,308	4.17
2.0000% - 2.4999%	89,418	28.41	$14,954,633,028	30.80
2.5000% - 2.9999%	127,351	40.46	$20,449,726,026	42.12
3.0000% - 3.4999%	56,661	18.00	$7,500,317,474	15.45
3.5000% - 3.9999%	26,563	8.44	$3,036,359,828	6.25
4.0000% - 4.4999%	2,628	0.83	$339,164,216	0.70
4.5000% - 4.9999%	249	0.08	$26,821,856	0.06
5.0000% - 5.4999%	405	0.13	$38,148,416	0.08
5.5000% - 5.9999%	239	0.08	$19,882,019	0.04
6.0000% - 6.4999%	249	0.08	$24,748,443	0.05
6.5000% - 6.9999%	1,178	0.37	$132,796,377	0.27
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Remaining Term Distribution

Remaining Term (Months)	Number of Loans	Percentage	Principal Balance	Percentage
Less than 12.00	58,214	18.49	$8,327,121,288	17.15
12.00 - 23.99	82,322	26.15	$11,704,247,379	24.11
24.00 - 35.99	69,019	21.93	$11,230,766,042	23.13
36.00 - 47.99	71,673	22.77	$12,067,322,140	24.86
48.00 - 59.99	30,642	9.73	$4,765,178,357	9.82
60.00 - 71.99	1,728	0.55	$262,196,785	0.54
72.00 - 83.99	484	0.15	$73,651,296	0.15
84.00 and above	710	0.23	$115,826,703	0.24
Total	314,792	100.00	$48,546,309,990	100.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 5 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Range of Remaining Principal Balance

Range of Remaining Principal Balance		Number of Loans		Percentage	Principal Balance	Percentage
99,999 and below		134,413		42.70	$6,992,206,397	14.40
100,000 - 149,999		55,555		17.65	$6,895,012,986	14.20
150,000 - 199,999		41,663		13.24	$7,241,471,522	14.92
200,000 - 249,999		29,048		9.23	$6,496,267,603	13.38
250,000 - 299,999		19,221		6.11	$5,250,524,152	10.82
300,000 - 349,999		11,965		3.80	$3,866,629,038	7.96
350,000 - 399,999		7,403		2.35	$2,763,429,091	5.69
400,000 - 449,999		4,762		1.51	$2,016,442,891	4.15
450,000 - 499,999		3,129		0.99	$1,479,984,316	3.05
500,000 - 549,999		1,955		0.62	$1,022,240,099	2.11
550,000 - 599,999		1,364		0.43	$781,292,298	1.61
600,000 - 649,999		890		0.28	$554,711,277	1.14
650,000 - 699,999		673		0.21	$452,981,098	0.93
700,000 - 749,999		491		0.16	$355,333,184	0.73
750,000 - 799,999		383		0.12	$296,594,051	0.61
800,000 - 849,999		298		0.09	$245,402,503	0.51
850,000 - 899,999		286		0.09	$250,078,717	0.52
900,000 - 949,999		240		0.08	$221,519,029	0.46
950,000 - 999,999		167		0.05	$162,087,329	0.33
1,000,000 and above		886		0.28	$1,202,102,410	2.48
Total		314,792		100.00	$48,546,309,990	100.00

Cover Pool Property Type Distribution

Property Type	Number of Loans	Percentage	Principal Balance	Percentage
Apartment (Condominium)	29,913	9.50	$4,483,272,898	9.24
Detached	251,015	79.74	$38,759,493,924	79.84
Duplex	4,866	1.55	$717,129,175	1.48
Fourplex	1,155	0.37	$208,757,612	0.43
Other	1,008	0.32	$152,625,328	0.31
Row (Townhouse)	14,273	4.53	$2,256,418,798	4.65
Semi-detached	11,442	3.63	$1,794,423,989	3.70
Triplex	1,120	0.36	$174,188,267	0.36
Total	314,792	100.00	$48,546,309,990	100.00

Cover Pool Indexed LTV - Authorized Distribution

Indexed LTV (%)	Number of Properties	Percentage	Principal Balance	Percentage
20.00 and below	13,023	5.01	$719,049,253	1.48
20.01 - 25.00	4,626	1.78	$490,354,443	1.01
25.01 - 30.00	5,710	2.20	$704,728,801	1.45
30.01 - 35.00	7,181	2.77	$1,013,410,434	2.09
35.01 - 40.00	10,056	3.87	$1,625,092,767	3.35
40.01 - 45.00	15,956	6.14	$2,659,766,258	5.48
45.01 - 50.00	20,994	8.08	$3,976,171,624	8.19
50.01 - 55.00	25,296	9.74	$5,089,970,836	10.48
55.01 - 60.00	32,338	12.45	$6,164,456,380	12.70
60.01 - 65.00	32,116	12.37	$6,939,893,374	14.30
65.01 - 70.00	35,988	13.86	$7,318,844,355	15.08
70.01 - 75.00	30,080	11.58	$6,296,685,850	12.97
75.01 - 80.00	14,843	5.72	$3,112,852,724	6.41
> 80.00	11,503	4.43	$2,435,032,891	5.02
Total	259,710	100.00	$48,546,309,990	100.00

Cover Pool Indexed LTV - Drawn Distribution

Indexed LTV (%)	Number of Properties	Percentage	Principal Balance	Percentage
20.00 and below	31,933	12.30	$2,089,932,435	4.31
20.01 - 25.00	12,538	4.83	$1,440,117,781	2.97
25.01 - 30.00	14,095	5.43	$1,931,724,025	3.98
30.01 - 35.00	15,454	5.95	$2,452,047,346	5.05
35.01 - 40.00	17,676	6.81	$3,171,953,778	6.53
40.01 - 45.00	19,878	7.65	$3,932,127,685	8.10
45.01 - 50.00	22,299	8.59	$4,859,024,350	10.01
50.01 - 55.00	24,387	9.39	$5,432,091,235	11.19
55.01 - 60.00	25,361	9.77	$5,657,291,331	11.65
60.01 - 65.00	24,706	9.51	$5,826,553,030	12.00
65.01 - 70.00	23,043	8.87	$5,218,782,572	10.75
70.01 - 75.00	16,003	6.16	$3,689,568,554	7.60
75.01 - 80.00	9,004	3.47	$2,081,342,122	4.29
> 80.00	3,333	1.28	$763,753,746	1.57
Total	259,710	100.00	$48,546,309,990	100.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 6 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Alberta	20.00 and below	$196,236,493		$32,384	$60,647	$322,116	$196,651,640
	20.01 - 25.00	$145,982,363		$275,035	$0	$0	$146,257,398
	25.01 - 30.00	$199,307,977		$123,433	$0	$0	$199,431,410
	30.01 - 35.00	$244,429,241		$0	$0	$92,137	$244,521,378
	35.01 - 40.00	$300,402,931		$144,224	$644,783	$902,524	$302,094,462
	40.01 - 45.00	$381,310,260		$0	$2,394,860	$231,464	$383,936,584
	45.01 - 50.00	$480,559,353		$1,286,827	$38,796	$0	$481,884,977
	50.01 - 55.00	$632,681,521		$292,511	$472,113	$2,477,665	$635,923,810
	55.01 - 60.00	$812,285,012		$889,920	$837,923	$1,523,616	$815,536,471
	60.01 - 65.00	$1,030,147,453		$546,496	$18,376	$2,719,005	$1,033,431,330
	65.01 - 70.00	$1,084,840,803		$1,754,601	$1,051,190	$3,318,115	$1,090,964,708
	70.01 - 75.00	$918,671,121		$950,349	$585,483	$1,443,690	$921,650,642
	75.01 - 80.00	$555,545,989		$288,353	$0	$76,422	$555,910,765
	> 80.00	$210,273,550		$224,886	$398,805	$122,874	$211,020,115
Total Alberta		$7,192,674,067		$6,809,018	$6,502,975	$13,229,628	$7,219,215,689

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
British Columbia	20.00 and below	$732,505,242		$452,022	$364,321	$180,209	$733,501,795
	20.01 - 25.00	$481,165,671		$106,887	$0	$0	$481,272,558
	25.01 - 30.00	$658,560,220		$1,045,022	$0	$575,586	$660,180,829
	30.01 - 35.00	$839,643,446		$296,524	$282,974	$0	$840,222,944
	35.01 - 40.00	$1,107,534,322		$1,061,268	$319,608	$1,097,501	$1,110,012,699
	40.01 - 45.00	$1,343,277,259		$2,918,596	$203,083	$1,958,996	$1,348,357,935
	45.01 - 50.00	$1,615,306,519		$1,258,734	$387,931	$2,209,615	$1,619,162,799
	50.01 - 55.00	$1,636,696,573		$1,195,359	$562,613	$2,245,607	$1,640,700,151
	55.01 - 60.00	$1,443,479,497		$759,222	$764,507	$1,491,745	$1,446,494,971
	60.01 - 65.00	$1,125,892,930		$523,385	$208,744	$1,300,347	$1,127,925,406
	65.01 - 70.00	$554,525,874		$0	$0	$190,252	$554,716,126
	70.01 - 75.00	$286,511,686		$398,536	$0	$659,265	$287,569,487
	75.01 - 80.00	$40,133,175		$0	$0	$140,127	$40,273,302
	> 80.00	$0		$0	$0	$0	$0
Total British Columbia		$11,865,232,414		$10,015,555	$3,093,781	$12,049,251	$11,890,391,001

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Manitoba	20.00 and below	$39,054,581		$22,695	$0	$0	$39,077,276
	20.01 - 25.00	$27,765,407		$0	$0	$0	$27,765,407
	25.01 - 30.00	$37,357,022		$0	$0	$0	$37,357,022
	30.01 - 35.00	$45,908,878		$243,362	$0	$0	$46,152,240
	35.01 - 40.00	$57,017,268		$61,652	$0	$0	$57,078,920
	40.01 - 45.00	$76,940,441		$0	$0	$52,756	$76,993,197
	45.01 - 50.00	$101,265,524		$0	$128,443	$105,647	$101,499,614
	50.01 - 55.00	$126,289,783		$337,960	$83,481	$157,450	$126,868,673
	55.01 - 60.00	$165,956,263		$210,935	$0	$0	$166,167,198
	60.01 - 65.00	$192,560,565		$142,648	$0	$126,745	$192,829,958
	65.01 - 70.00	$225,065,936		$869,688	$0	$133,662	$226,069,286
	70.01 - 75.00	$229,707,606		$92,344	$135,422	$279,649	$230,215,021
	75.01 - 80.00	$212,539,253		$307,717	$341,939	$17,013	$213,205,922
	> 80.00	$7,581,405		$0	$0	$117,849	$7,699,253
Total Manitoba		$1,545,009,931		$2,289,000	$689,284	$990,771	$1,548,978,986

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 7 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
New Brunswick		20.00 and below	$14,918,392		$0	$0	$8,358	$14,926,749
		20.01 - 25.00	$10,457,341		$0	$34,577	$0	$10,491,918
		25.01 - 30.00	$10,564,725		$0	$0	$0	$10,564,725
		30.01 - 35.00	$18,098,365		$0	$0	$31,791	$18,130,156
		35.01 - 40.00	$22,444,879		$53,612	$0	$246,672	$22,745,163
		40.01 - 45.00	$32,214,805		$92,353	$0	$0	$32,307,158
		45.01 - 50.00	$39,430,377		$20,888	$22,086	$0	$39,473,351
		50.01 - 55.00	$50,778,021		$0	$0	$43,602	$50,821,623
		55.01 - 60.00	$70,260,596		$0	$151,867	$365,645	$70,778,107
		60.01 - 65.00	$73,261,803		$0	$678,075	$849,497	$74,789,375
		65.01 - 70.00	$77,423,789		$163,013	$0	$285,725	$77,872,527
		70.01 - 75.00	$56,001,819		$0	$0	$144,497	$56,146,317
		75.01 - 80.00	$1,433,673		$0	$0	$0	$1,433,673
		> 80.00	$0		$0	$0	$0	$0
Total New Brunswick			$477,288,585		$329,865	$886,605	$1,975,786	$480,480,841

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Newfoundland and		20.00 and below	$13,530,066		$0	$0	$0	$13,530,066
Labrador		20.01 - 25.00	$8,041,921		$0	$0	$6,778	$8,048,699
		25.01 - 30.00	$10,533,652		$0	$24,652	$0	$10,558,303
		30.01 - 35.00	$15,526,303		$32,826	$0	$0	$15,559,129
		35.01 - 40.00	$19,258,547		$0	$51,840	$0	$19,310,387
		40.01 - 45.00	$27,680,869		$0	$0	$0	$27,680,869
		45.01 - 50.00	$33,334,689		$0	$0	$0	$33,334,689
		50.01 - 55.00	$46,148,638		$78,485	$0	$0	$46,227,123
		55.01 - 60.00	$65,130,259		$0	$0	$88,234	$65,218,493
		60.01 - 65.00	$79,169,342		$0	$0	$387,656	$79,556,998
		65.01 - 70.00	$73,046,759		$0	$0	$0	$73,046,759
		70.01 - 75.00	$55,083,068		$0	$0	$0	$55,083,068
		75.01 - 80.00	$2,525,214		$0	$0	$0	$2,525,214
		> 80.00	$255,998		$0	$0	$0	$255,998
Total Newfoundland and Labrador			$449,265,325		$111,311	$76,492	$482,668	$449,935,797

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Northwest		20.00 and below	$192,945		$0	$0	$0	$192,945
Territories		20.01 - 25.00	$549,054		$0	$0	$0	$549,054
		25.01 - 30.00	$744,172		$0	$0	$0	$744,172
		30.01 - 35.00	$440,995		$0	$0	$0	$440,995
		35.01 - 40.00	$728,194		$0	$0	$0	$728,194
		40.01 - 45.00	$486,572		$0	$0	$0	$486,572
		45.01 - 50.00	$389,531		$215,562	$0	$0	$605,092
		50.01 - 55.00	$628,926		$0	$0	$0	$628,926
		55.01 - 60.00	$983,709		$0	$0	$0	$983,709
		60.01 - 65.00	$528,443		$0	$0	$0	$528,443
		65.01 - 70.00	$249,825		$0	$0	$0	$249,825
		70.01 - 75.00	$325,729		$0	$0	$0	$325,729
		75.01 - 80.00	$0		$0	$0	$0	$0
		> 80.00	$0		$0	$0	$0	$0
Total Northwest Territories			$6,248,094		$215,562	$0	$0	$6,463,656

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 8 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Nova Scotia	20.00 and below	$24,938,671		$0	$0	$0	$24,938,671
	20.01 - 25.00	$17,867,318		$0	$0	$0	$17,867,318
	25.01 - 30.00	$23,072,077		$0	$0	$0	$23,072,077
	30.01 - 35.00	$29,487,469		$0	$0	$58,366	$29,545,834
	35.01 - 40.00	$35,413,034		$32,021	$0	$256,005	$35,701,059
	40.01 - 45.00	$44,101,764		$0	$0	$79,029	$44,180,793
	45.01 - 50.00	$55,199,879		$50,778	$0	$353,461	$55,604,118
	50.01 - 55.00	$73,150,693		$0	$279,323	$99,347	$73,529,363
	55.01 - 60.00	$100,519,307		$0	$107,217	$289,786	$100,916,309
	60.01 - 65.00	$108,669,739		$404,997	$0	$0	$109,074,736
	65.01 - 70.00	$115,844,615		$250,512	$0	$114,024	$116,209,151
	70.01 - 75.00	$109,112,906		$365,832	$0	$0	$109,478,738
	75.01 - 80.00	$102,404,314		$282,314	$0	$0	$102,686,628
	> 80.00	$124,534,205		$443,482	$115,147	$791,726	$125,884,560
Total Nova Scotia		$964,315,989		$1,829,935	$501,687	$2,041,745	$968,689,355

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Nunavut	20.00 and below	$0		$0	$0	$0	$0
	20.01 - 25.00	$0		$0	$0	$0	$0
	25.01 - 30.00	$0		$0	$0	$0	$0
	30.01 - 35.00	$0		$0	$0	$0	$0
	35.01 - 40.00	$69,706		$0	$0	$0	$69,706
	40.01 - 45.00	$0		$0	$0	$0	$0
	45.01 - 50.00	$0		$0	$0	$0	$0
	50.01 - 55.00	$0		$0	$0	$0	$0
	55.01 - 60.00	$0		$0	$0	$0	$0
	60.01 - 65.00	$0		$0	$0	$0	$0
	65.01 - 70.00	$0		$0	$0	$0	$0
	70.01 - 75.00	$0		$0	$0	$0	$0
	75.01 - 80.00	$0		$0	$0	$0	$0
	> 80.00	$0		$0	$0	$0	$0
Total Nunavut		$69,706		$0	$0	$0	$69,706

		Aging Summary
		Current and
		less than 30		30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Ontario	20.00 and below	$900,301,569		$315,107	$0	$56,750	$900,673,426
	20.01 - 25.00	$624,373,496		$491,386	$0	$154,112	$625,018,994
	25.01 - 30.00	$832,268,899		$0	$0	$55,662	$832,324,561
	30.01 - 35.00	$1,039,879,224		$941,885	$0	$0	$1,040,821,109
	35.01 - 40.00	$1,355,253,947		$1,673,038	$385,383	$701,310	$1,358,013,678
	40.01 - 45.00	$1,672,315,075		$301,875	$657,461	$216,142	$1,673,490,553
	45.01 - 50.00	$2,103,039,818		$1,968,432	$1,186,057	$204,615	$2,106,398,921
	50.01 - 55.00	$2,325,257,784		$2,707,359	$275,559	$1,969,625	$2,330,210,327
	55.01 - 60.00	$2,292,085,461		$1,173,401	$1,326,981	$1,222,793	$2,295,808,636
	60.01 - 65.00	$2,398,547,716		$894,515	$811,938	$509,742	$2,400,763,911
	65.01 - 70.00	$2,257,135,107		$703,458	$112,760	$686,216	$2,258,637,540
	70.01 - 75.00	$1,275,500,948		$1,046,746	$162,786	$41,080	$1,276,751,560
	75.01 - 80.00	$372,680,913		$0	$219,121	$0	$372,900,034
	> 80.00	$143,545,261		$0	$0	$0	$143,545,261
Total Ontario		$19,592,185,217		$12,217,204	$5,138,044	$5,818,047	$19,615,358,511

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 9 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Prince Edward		20.00 and below	$3,496,970		$0	$0	$0	$3,496,970
Island		20.01 - 25.00	$2,800,943		$0	$0	$0	$2,800,943
		25.01 - 30.00	$3,383,394		$0	$0	$0	$3,383,394
		30.01 - 35.00	$4,358,322		$0	$0	$0	$4,358,322
		35.01 - 40.00	$5,068,094		$0	$0	$0	$5,068,094
		40.01 - 45.00	$7,182,339		$0	$0	$0	$7,182,339
		45.01 - 50.00	$9,385,306		$0	$0	$0	$9,385,306
		50.01 - 55.00	$10,302,934		$0	$0	$84,897	$10,387,831
		55.01 - 60.00	$14,962,164		$0	$0	$0	$14,962,164
		60.01 - 65.00	$14,906,834		$0	$0	$0	$14,906,834
		65.01 - 70.00	$16,135,948		$0	$0	$0	$16,135,948
		70.01 - 75.00	$9,512,232		$0	$0	$0	$9,512,232
		75.01 - 80.00	$948,680		$0	$0	$0	$948,680
		> 80.00	$0		$0	$0	$0	$0
Total Prince Edward Island			$102,444,159		$0	$0	$84,897	$102,529,056

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Quebec		20.00 and below	$126,325,691		$48,609	$0	$22,031	$126,396,330
		20.01 - 25.00	$92,385,982		$0	$0	$0	$92,385,982
		25.01 - 30.00	$113,361,113		$0	$0	$0	$113,361,113
		30.01 - 35.00	$152,090,604		$0	$0	$529,637	$152,620,241
		35.01 - 40.00	$187,297,704		$135,551	$0	$0	$187,433,256
		40.01 - 45.00	$233,444,498		$0	$0	$0	$233,444,498
		45.01 - 50.00	$289,800,509		$285,581	$0	$179,483	$290,265,573
		50.01 - 55.00	$343,905,200		$450,129	$99,321	$272,359	$344,727,010
		55.01 - 60.00	$411,741,713		$333,071	$0	$571,340	$412,646,124
		60.01 - 65.00	$507,440,964		$0	$0	$390,138	$507,831,102
		65.01 - 70.00	$543,678,827		$687,345	$0	$1,455,406	$545,821,578
		70.01 - 75.00	$602,075,232		$495,479	$0	$564,874	$603,135,585
		75.01 - 80.00	$777,752,342		$0	$462,013	$1,408,928	$779,623,282
		> 80.00	$274,807,395		$341,994	$199,170	$0	$275,348,559
Total Quebec			$4,656,107,774		$2,777,759	$760,503	$5,394,195	$4,665,040,231

			Aging Summary
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Saskatchewan		20.00 and below	$35,590,960		$31,031	$0	$0	$35,621,991
		20.01 - 25.00	$26,789,216		$0	$0	$0	$26,789,216
		25.01 - 30.00	$38,908,387		$0	$0	$176,874	$39,085,260
		30.01 - 35.00	$58,247,975		$0	$0	$0	$58,247,975
		35.01 - 40.00	$72,296,547		$0	$0	$65,713	$72,362,260
		40.01 - 45.00	$101,068,769		$149,365	$261,994	$101,743	$101,581,871
		45.01 - 50.00	$120,474,198		$0	$0	$347,214	$120,821,412
		50.01 - 55.00	$166,524,487		$124,220	$146,534	$275,995	$167,071,237
		55.01 - 60.00	$258,008,581		$274,789	$34,824	$630,272	$258,948,466
		60.01 - 65.00	$276,497,539		$628,618	$433,951	$101,567	$277,661,675
		65.01 - 70.00	$255,937,245		$745,168	$258,447	$0	$256,940,859
		70.01 - 75.00	$138,132,325		$0	$0	$0	$138,132,325
		75.01 - 80.00	$11,337,359		$0	$0	$83,684	$11,421,043
		> 80.00	$0		$0	$0	$0	$0
Total Saskatchewan			$1,559,813,587		$1,953,191	$1,135,750	$1,783,063	$1,564,685,591

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 10 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016

Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

		Aging Summary
		Current and
		less than 30	30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due	days past due	days past due	days past due	Total
Yukon	20.00 and below	$924,575	$0	$0	$0	$924,575
	20.01 - 25.00	$870,296	$0	$0	$0	$870,296
	25.01 - 30.00	$1,661,158	$0	$0	$0	$1,661,158
	30.01 - 35.00	$1,427,023	$0	$0	$0	$1,427,023
	35.01 - 40.00	$1,335,902	$0	$0	$0	$1,335,902
	40.01 - 45.00	$2,485,316	$0	$0	$0	$2,485,316
	45.01 - 50.00	$588,498	$0	$0	$0	$588,498
	50.01 - 55.00	$4,995,161	$0	$0	$0	$4,995,161
	55.01 - 60.00	$8,830,684	$0	$0	$0	$8,830,684
	60.01 - 65.00	$7,253,262	$0	$0	$0	$7,253,262
	65.01 - 70.00	$2,118,265	$0	$0	$0	$2,118,265
	70.01 - 75.00	$1,567,851	$0	$0	$0	$1,567,851
	75.01 - 80.00	$413,578	$0	$0	$0	$413,578
	> 80.00	$0	$0	$0	$0	$0
Total Yukon		$34,471,568	$0	$0	$0	$34,471,568

Grand Total		$48,445,126,416	$38,548,399	$18,785,121	$43,850,053	$48,546,309,990

Provincial Distribution by Indexed LTV - Drawn and Aging Summary

		Aging Summary (%)
		Current and
		less than 30	30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due	days past due	days past due	days past due	Total
Alberta	20.00 and below	0.40	0.00	0.00	0.00	0.41
	20.01 - 25.00	0.30	0.00	0.00	0.00	0.30
	25.01 - 30.00	0.41	0.00	0.00	0.00	0.41
	30.01 - 35.00	0.50	0.00	0.00	0.00	0.50
	35.01 - 40.00	0.62	0.00	0.00	0.00	0.62
	40.01 - 45.00	0.79	0.00	0.00	0.00	0.79
	45.01 - 50.00	0.99	0.00	0.00	0.00	0.99
	50.01 - 55.00	1.30	0.00	0.00	0.01	1.31
	55.01 - 60.00	1.67	0.00	0.00	0.00	1.68
	60.01 - 65.00	2.12	0.00	0.00	0.01	2.13
	65.01 - 70.00	2.23	0.00	0.00	0.01	2.25
	70.01 - 75.00	1.89	0.00	0.00	0.00	1.90
	75.01 - 80.00	1.14	0.00	0.00	0.00	1.15
	> 80.00	0.43	0.00	0.00	0.00	0.43
Total Alberta		14.82	0.01	0.01	0.03	14.87

		Aging Summary (%)
		Current and
		less than 30	30 to 59	60 to 89	90 or more
Province	Indexed LTV (%)	days past due	days past due	days past due	days past due	Total
British Columbia	20.00 and below	1.51	0.00	0.00	0.00	1.51
	20.01 - 25.00	0.99	0.00	0.00	0.00	0.99
	25.01 - 30.00	1.36	0.00	0.00	0.00	1.36
	30.01 - 35.00	1.73	0.00	0.00	0.00	1.73
	35.01 - 40.00	2.28	0.00	0.00	0.00	2.29
	40.01 - 45.00	2.77	0.01	0.00	0.00	2.78
	45.01 - 50.00	3.33	0.00	0.00	0.00	3.34
	50.01 - 55.00	3.37	0.00	0.00	0.00	3.38
	55.01 - 60.00	2.97	0.00	0.00	0.00	2.98
	60.01 - 65.00	2.32	0.00	0.00	0.00	2.32
	65.01 - 70.00	1.14	0.00	0.00	0.00	1.14
	70.01 - 75.00	0.59	0.00	0.00	0.00	0.59
	75.01 - 80.00	0.08	0.00	0.00	0.00	0.08
	> 80.00	0.00	0.00	0.00	0.00	0.00
Total British Columbia		24.44	0.02	0.01	0.02	24.49

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 11 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Manitoba		20.00 and below	0.08		0.00	0.00	0.00	0.08
		20.01 - 25.00	0.06		0.00	0.00	0.00	0.06
		25.01 - 30.00	0.08		0.00	0.00	0.00	0.08
		30.01 - 35.00	0.09		0.00	0.00	0.00	0.10
		35.01 - 40.00	0.12		0.00	0.00	0.00	0.12
		40.01 - 45.00	0.16		0.00	0.00	0.00	0.16
		45.01 - 50.00	0.21		0.00	0.00	0.00	0.21
		50.01 - 55.00	0.26		0.00	0.00	0.00	0.26
		55.01 - 60.00	0.34		0.00	0.00	0.00	0.34
		60.01 - 65.00	0.40		0.00	0.00	0.00	0.40
		65.01 - 70.00	0.46		0.00	0.00	0.00	0.47
		70.01 - 75.00	0.47		0.00	0.00	0.00	0.47
		75.01 - 80.00	0.44		0.00	0.00	0.00	0.44
		> 80.00	0.02		0.00	0.00	0.00	0.02
Total Manitoba			3.18		0.00	0.00	0.00	3.19

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
New Brunswick		20.00 and below	0.03		0.00	0.00	0.00	0.03
		20.01 - 25.00	0.02		0.00	0.00	0.00	0.02
		25.01 - 30.00	0.02		0.00	0.00	0.00	0.02
		30.01 - 35.00	0.04		0.00	0.00	0.00	0.04
		35.01 - 40.00	0.05		0.00	0.00	0.00	0.05
		40.01 - 45.00	0.07		0.00	0.00	0.00	0.07
		45.01 - 50.00	0.08		0.00	0.00	0.00	0.08
		50.01 - 55.00	0.10		0.00	0.00	0.00	0.10
		55.01 - 60.00	0.14		0.00	0.00	0.00	0.15
		60.01 - 65.00	0.15		0.00	0.00	0.00	0.15
		65.01 - 70.00	0.16		0.00	0.00	0.00	0.16
		70.01 - 75.00	0.12		0.00	0.00	0.00	0.12
		75.01 - 80.00	0.00		0.00	0.00	0.00	0.00
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total New Brunswick			0.98		0.00	0.00	0.00	0.99

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Newfoundland and		20.00 and below	0.03		0.00	0.00	0.00	0.03
Labrador		20.01 - 25.00	0.02		0.00	0.00	0.00	0.02
		25.01 - 30.00	0.02		0.00	0.00	0.00	0.02
		30.01 - 35.00	0.03		0.00	0.00	0.00	0.03
		35.01 - 40.00	0.04		0.00	0.00	0.00	0.04
		40.01 - 45.00	0.06		0.00	0.00	0.00	0.06
		45.01 - 50.00	0.07		0.00	0.00	0.00	0.07
		50.01 - 55.00	0.10		0.00	0.00	0.00	0.10
		55.01 - 60.00	0.13		0.00	0.00	0.00	0.13
		60.01 - 65.00	0.16		0.00	0.00	0.00	0.16
		65.01 - 70.00	0.15		0.00	0.00	0.00	0.15
		70.01 - 75.00	0.11		0.00	0.00	0.00	0.11
		75.01 - 80.00	0.01		0.00	0.00	0.00	0.01
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Newfoundland and Labrador			0.93		0.00	0.00	0.00	0.93

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 12 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Northwest		20.00 and below	0.00		0.00	0.00	0.00	0.00
Territories		20.01 - 25.00	0.00		0.00	0.00	0.00	0.00
		25.01 - 30.00	0.00		0.00	0.00	0.00	0.00
		30.01 - 35.00	0.00		0.00	0.00	0.00	0.00
		35.01 - 40.00	0.00		0.00	0.00	0.00	0.00
		40.01 - 45.00	0.00		0.00	0.00	0.00	0.00
		45.01 - 50.00	0.00		0.00	0.00	0.00	0.00
		50.01 - 55.00	0.00		0.00	0.00	0.00	0.00
		55.01 - 60.00	0.00		0.00	0.00	0.00	0.00
		60.01 - 65.00	0.00		0.00	0.00	0.00	0.00
		65.01 - 70.00	0.00		0.00	0.00	0.00	0.00
		70.01 - 75.00	0.00		0.00	0.00	0.00	0.00
		75.01 - 80.00	0.00		0.00	0.00	0.00	0.00
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Northwest Territories			0.01		0.00	0.00	0.00	0.01

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Nova Scotia		20.00 and below	0.05		0.00	0.00	0.00	0.05
		20.01 - 25.00	0.04		0.00	0.00	0.00	0.04
		25.01 - 30.00	0.05		0.00	0.00	0.00	0.05
		30.01 - 35.00	0.06		0.00	0.00	0.00	0.06
		35.01 - 40.00	0.07		0.00	0.00	0.00	0.07
		40.01 - 45.00	0.09		0.00	0.00	0.00	0.09
		45.01 - 50.00	0.11		0.00	0.00	0.00	0.11
		50.01 - 55.00	0.15		0.00	0.00	0.00	0.15
		55.01 - 60.00	0.21		0.00	0.00	0.00	0.21
		60.01 - 65.00	0.22		0.00	0.00	0.00	0.22
		65.01 - 70.00	0.24		0.00	0.00	0.00	0.24
		70.01 - 75.00	0.22		0.00	0.00	0.00	0.23
		75.01 - 80.00	0.21		0.00	0.00	0.00	0.21
		> 80.00	0.26		0.00	0.00	0.00	0.26
Total Nova Scotia			1.99		0.00	0.00	0.00	2.00

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Nunavut		20.00 and below	0.00		0.00	0.00	0.00	0.00
		20.01 - 25.00	0.00		0.00	0.00	0.00	0.00
		25.01 - 30.00	0.00		0.00	0.00	0.00	0.00
		30.01 - 35.00	0.00		0.00	0.00	0.00	0.00
		35.01 - 40.00	0.00		0.00	0.00	0.00	0.00
		40.01 - 45.00	0.00		0.00	0.00	0.00	0.00
		45.01 - 50.00	0.00		0.00	0.00	0.00	0.00
		50.01 - 55.00	0.00		0.00	0.00	0.00	0.00
		55.01 - 60.00	0.00		0.00	0.00	0.00	0.00
		60.01 - 65.00	0.00		0.00	0.00	0.00	0.00
		65.01 - 70.00	0.00		0.00	0.00	0.00	0.00
		70.01 - 75.00	0.00		0.00	0.00	0.00	0.00
		75.01 - 80.00	0.00		0.00	0.00	0.00	0.00
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Nunavut			0.00		0.00	0.00	0.00	0.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 13 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Ontario		20.00 and below	1.85		0.00	0.00	0.00	1.86
		20.01 - 25.00	1.29		0.00	0.00	0.00	1.29
		25.01 - 30.00	1.71		0.00	0.00	0.00	1.71
		30.01 - 35.00	2.14		0.00	0.00	0.00	2.14
		35.01 - 40.00	2.79		0.00	0.00	0.00	2.80
		40.01 - 45.00	3.44		0.00	0.00	0.00	3.45
		45.01 - 50.00	4.33		0.00	0.00	0.00	4.34
		50.01 - 55.00	4.79		0.01	0.00	0.00	4.80
		55.01 - 60.00	4.72		0.00	0.00	0.00	4.73
		60.01 - 65.00	4.94		0.00	0.00	0.00	4.95
		65.01 - 70.00	4.65		0.00	0.00	0.00	4.65
		70.01 - 75.00	2.63		0.00	0.00	0.00	2.63
		75.01 - 80.00	0.77		0.00	0.00	0.00	0.77
		> 80.00	0.30		0.00	0.00	0.00	0.30
Total Ontario			40.36		0.03	0.01	0.01	40.41

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Prince Edward		20.00 and below	0.01		0.00	0.00	0.00	0.01
Island		20.01 - 25.00	0.01		0.00	0.00	0.00	0.01
		25.01 - 30.00	0.01		0.00	0.00	0.00	0.01
		30.01 - 35.00	0.01		0.00	0.00	0.00	0.01
		35.01 - 40.00	0.01		0.00	0.00	0.00	0.01
		40.01 - 45.00	0.01		0.00	0.00	0.00	0.01
		45.01 - 50.00	0.02		0.00	0.00	0.00	0.02
		50.01 - 55.00	0.02		0.00	0.00	0.00	0.02
		55.01 - 60.00	0.03		0.00	0.00	0.00	0.03
		60.01 - 65.00	0.03		0.00	0.00	0.00	0.03
		65.01 - 70.00	0.03		0.00	0.00	0.00	0.03
		70.01 - 75.00	0.02		0.00	0.00	0.00	0.02
		75.01 - 80.00	0.00		0.00	0.00	0.00	0.00
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Prince Edward Island			0.21		0.00	0.00	0.00	0.21

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Quebec		20.00 and below	0.26		0.00	0.00	0.00	0.26
		20.01 - 25.00	0.19		0.00	0.00	0.00	0.19
		25.01 - 30.00	0.23		0.00	0.00	0.00	0.23
		30.01 - 35.00	0.31		0.00	0.00	0.00	0.31
		35.01 - 40.00	0.39		0.00	0.00	0.00	0.39
		40.01 - 45.00	0.48		0.00	0.00	0.00	0.48
		45.01 - 50.00	0.60		0.00	0.00	0.00	0.60
		50.01 - 55.00	0.71		0.00	0.00	0.00	0.71
		55.01 - 60.00	0.85		0.00	0.00	0.00	0.85
		60.01 - 65.00	1.05		0.00	0.00	0.00	1.05
		65.01 - 70.00	1.12		0.00	0.00	0.00	1.12
		70.01 - 75.00	1.24		0.00	0.00	0.00	1.24
		75.01 - 80.00	1.60		0.00	0.00	0.00	1.61
		> 80.00	0.57		0.00	0.00	0.00	0.57
Total Quebec			9.59		0.01	0.00	0.01	9.61

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 14 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:			4/29/2016


Provincial Distribution by Indexed LTV - Drawn and Aging Summary (continued)

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Saskatchewan		20.00 and below	0.07		0.00	0.00	0.00	0.07
		20.01 - 25.00	0.06		0.00	0.00	0.00	0.06
		25.01 - 30.00	0.08		0.00	0.00	0.00	0.08
		30.01 - 35.00	0.12		0.00	0.00	0.00	0.12
		35.01 - 40.00	0.15		0.00	0.00	0.00	0.15
		40.01 - 45.00	0.21		0.00	0.00	0.00	0.21
		45.01 - 50.00	0.25		0.00	0.00	0.00	0.25
		50.01 - 55.00	0.34		0.00	0.00	0.00	0.34
		55.01 - 60.00	0.53		0.00	0.00	0.00	0.53
		60.01 - 65.00	0.57		0.00	0.00	0.00	0.57
		65.01 - 70.00	0.53		0.00	0.00	0.00	0.53
		70.01 - 75.00	0.28		0.00	0.00	0.00	0.28
		75.01 - 80.00	0.02		0.00	0.00	0.00	0.02
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Saskatchewan			3.21		0.00	0.00	0.00	3.22

			Aging Summary (%)
			Current and
			less than 30		30 to 59	60 to 89	90 or more
Province		Indexed LTV (%)	days past due		days past due	days past due	days past due	Total
Yukon		20.00 and below	0.00		0.00	0.00	0.00	0.00
		20.01 - 25.00	0.00		0.00	0.00	0.00	0.00
		25.01 - 30.00	0.00		0.00	0.00	0.00	0.00
		30.01 - 35.00	0.00		0.00	0.00	0.00	0.00
		35.01 - 40.00	0.00		0.00	0.00	0.00	0.00
		40.01 - 45.00	0.01		0.00	0.00	0.00	0.01
		45.01 - 50.00	0.00		0.00	0.00	0.00	0.00
		50.01 - 55.00	0.01		0.00	0.00	0.00	0.01
		55.01 - 60.00	0.02		0.00	0.00	0.00	0.02
		60.01 - 65.00	0.01		0.00	0.00	0.00	0.01
		65.01 - 70.00	0.00		0.00	0.00	0.00	0.00
		70.01 - 75.00	0.00		0.00	0.00	0.00	0.00
		75.01 - 80.00	0.00		0.00	0.00	0.00	0.00
		> 80.00	0.00		0.00	0.00	0.00	0.00
Total Yukon			0.07		0.00	0.00	0.00	0.07

Grand Total			99.79		0.08	0.04	0.09	100.00

Cover Pool Indexed LTV - Drawn by Credit Bureau Score

Indexed LTV (%)	Credit Bureau Score	Principal Balance	Percentage
20.00 and below	Score Unavailable	$7,175,640	0.01
	499 and below	$5,597,339	0.01
	500 - 539	$1,044,971	0.00
	540 - 559	$1,319,931	0.00
	560 - 579	$1,970,402	0.00
	580 - 599	$2,606,669	0.01
	600 - 619	$4,218,450	0.01
	620 - 639	$8,436,871	0.02
	640 - 659	$13,502,522	0.03
	660 - 679	$19,666,970	0.04
	680 - 699	$30,186,081	0.06
	700 - 719	$49,804,216	0.10
	720 - 739	$59,764,397	0.12
	740 - 759	$85,837,558	0.18
	760 - 779	$101,467,392	0.21
	780 - 799	$143,702,393	0.30
	800 and above	$1,553,630,634	3.20
Total		$2,089,932,435	4.31

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 15 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Indexed LTV - Drawn by Credit Bureau Score (continued)

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
20.01 - 25.00		Score Unavailable		$3,425,314	0.01
		499 and below		$3,440,692	0.01
		500 - 539		$694,902	0.00
		540 - 559		$1,303,270	0.00
		560 - 579		$1,200,771	0.00
		580 - 599		$4,295,325	0.01
		600 - 619		$3,577,413	0.01
		620 - 639		$6,076,661	0.01
		640 - 659		$10,263,134	0.02
		660 - 679		$18,802,246	0.04
		680 - 699		$31,131,896	0.06
		700 - 719		$37,946,211	0.08
		720 - 739		$51,767,120	0.11
		740 - 759		$59,439,099	0.12
		760 - 779		$85,478,941	0.18
		780 - 799		$115,136,053	0.24
		800 and above		$1,006,138,735	2.07
Total				$1,440,117,781	2.97

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
25.01 - 30.00		Score Unavailable		$3,900,778	0.01
		499 and below		$4,453,438	0.01
		500 - 539		$2,805,955	0.01
		540 - 559		$2,143,231	0.00
		560 - 579		$3,189,443	0.01
		580 - 599		$3,467,438	0.01
		600 - 619		$6,418,770	0.01
		620 - 639		$12,205,459	0.03
		640 - 659		$12,155,539	0.03
		660 - 679		$26,577,982	0.05
		680 - 699		$41,679,975	0.09
		700 - 719		$57,437,747	0.12
		720 - 739		$70,719,439	0.15
		740 - 759		$89,875,316	0.19
		760 - 779		$108,170,073	0.22
		780 - 799		$142,835,725	0.29
		800 and above		$1,343,687,718	2.77
Total				$1,931,724,025	3.98

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
30.01 - 35.00		Score Unavailable		$3,446,800	0.01
		499 and below		$6,389,491	0.01
		500 - 539		$2,656,636	0.01
		540 - 559		$6,257,650	0.01
		560 - 579		$2,682,981	0.01
		580 - 599		$5,415,338	0.01
		600 - 619		$10,071,276	0.02
		620 - 639		$15,130,914	0.03
		640 - 659		$21,161,006	0.04
		660 - 679		$44,517,895	0.09
		680 - 699		$58,315,163	0.12
		700 - 719		$86,018,679	0.18
		720 - 739		$100,447,333	0.21
		740 - 759		$124,983,919	0.26
		760 - 779		$158,386,512	0.33
		780 - 799		$205,160,384	0.42
		800 and above		$1,601,005,369	3.30
Total				$2,452,047,346	5.05

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 16 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Indexed LTV - Drawn by Credit Bureau Score (continued)

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
35.01 - 40.00		Score Unavailable		$4,369,331	0.01
		499 and below		$6,078,827	0.01
		500 - 539		$5,335,958	0.01
		540 - 559		$2,391,555	0.00
		560 - 579		$6,241,923	0.01
		580 - 599		$7,549,910	0.02
		600 - 619		$10,711,420	0.02
		620 - 639		$19,641,068	0.04
		640 - 659		$33,790,050	0.07
		660 - 679		$63,631,810	0.13
		680 - 699		$99,682,959	0.21
		700 - 719		$126,267,520	0.26
		720 - 739		$143,418,224	0.30
		740 - 759		$178,793,093	0.37
		760 - 779		$199,738,743	0.41
		780 - 799		$294,290,001	0.61
		800 and above		$1,970,021,384	4.06
Total				$3,171,953,778	6.53

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
40.01 - 45.00		Score Unavailable		$4,811,049	0.01
		499 and below		$7,406,308	0.02
		500 - 539		$9,354,963	0.02
		540 - 559		$5,357,006	0.01
		560 - 579		$10,784,835	0.02
		580 - 599		$17,513,810	0.04
		600 - 619		$23,148,945	0.05
		620 - 639		$38,959,828	0.08
		640 - 659		$61,616,492	0.13
		660 - 679		$92,484,523	0.19
		680 - 699		$123,349,315	0.25
		700 - 719		$178,491,132	0.37
		720 - 739		$193,026,915	0.40
		740 - 759		$253,329,131	0.52
		760 - 779		$284,499,319	0.59
		780 - 799		$353,785,137	0.73
		800 and above		$2,274,208,977	4.68
Total				$3,932,127,685	8.10

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
45.01 - 50.00		Score Unavailable		$7,133,506	0.01
		499 and below		$14,910,941	0.03
		500 - 539		$9,467,983	0.02
		540 - 559		$9,632,397	0.02
		560 - 579		$16,052,252	0.03
		580 - 599		$17,696,329	0.04
		600 - 619		$31,918,392	0.07
		620 - 639		$62,826,697	0.13
		640 - 659		$89,258,222	0.18
		660 - 679		$124,426,628	0.26
		680 - 699		$185,066,474	0.38
		700 - 719		$239,296,928	0.49
		720 - 739		$289,247,555	0.60
		740 - 759		$316,485,250	0.65
		760 - 779		$378,684,291	0.78
		780 - 799		$419,059,814	0.86
		800 and above		$2,647,860,692	5.45
Total				$4,859,024,350	10.01

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 17 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Indexed LTV - Drawn by Credit Bureau Score (continued)

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
50.01 - 55.00		Score Unavailable		$4,179,633	0.01
		499 and below		$11,995,350	0.02
		500 - 539		$15,623,977	0.03
		540 - 559		$11,415,246	0.02
		560 - 579		$13,233,353	0.03
		580 - 599		$20,450,015	0.04
		600 - 619		$46,558,219	0.10
		620 - 639		$68,696,559	0.14
		640 - 659		$108,084,466	0.22
		660 - 679		$161,149,676	0.33
		680 - 699		$236,541,144	0.49
		700 - 719		$307,163,096	0.63
		720 - 739		$367,877,883	0.76
		740 - 759		$388,569,690	0.80
		760 - 779		$441,966,289	0.91
		780 - 799		$483,319,538	1.00
		800 and above		$2,745,267,100	5.65
Total				$5,432,091,235	11.19

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
55.01 - 60.00		Score Unavailable		$6,656,198	0.01
		499 and below		$13,086,002	0.03
		500 - 539		$16,008,384	0.03
		540 - 559		$17,649,351	0.04
		560 - 579		$21,387,269	0.04
		580 - 599		$29,246,002	0.06
		600 - 619		$48,740,425	0.10
		620 - 639		$87,122,572	0.18
		640 - 659		$144,088,772	0.30
		660 - 679		$219,175,174	0.45
		680 - 699		$285,622,177	0.59
		700 - 719		$338,733,945	0.70
		720 - 739		$397,509,803	0.82
		740 - 759		$419,930,286	0.87
		760 - 779		$466,253,915	0.96
		780 - 799		$514,735,360	1.06
		800 and above		$2,631,345,697	5.42
Total				$5,657,291,331	11.65

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
60.01 - 65.00		Score Unavailable		$3,209,150	0.01
		499 and below		$14,226,583	0.03
		500 - 539		$13,309,770	0.03
		540 - 559		$19,948,974	0.04
		560 - 579		$18,882,997	0.04
		580 - 599		$39,527,025	0.08
		600 - 619		$57,891,234	0.12
		620 - 639		$89,207,732	0.18
		640 - 659		$147,777,354	0.30
		660 - 679		$238,764,363	0.49
		680 - 699		$289,863,615	0.60
		700 - 719		$402,403,891	0.83
		720 - 739		$429,662,949	0.89
		740 - 759		$426,062,114	0.88
		760 - 779		$485,662,684	1.00
		780 - 799		$549,516,280	1.13
		800 and above		$2,600,636,316	5.36
Total				$5,826,553,030	12.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 18 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:		4/29/2016


Cover Pool Indexed LTV - Drawn by Credit Bureau Score (continued)

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
65.01 - 70.00		Score Unavailable		$1,965,517	0.00
		499 and below		$12,008,472	0.02
		500 - 539		$15,051,639	0.03
		540 - 559		$13,885,932	0.03
		560 - 579		$22,679,900	0.05
		580 - 599		$32,326,519	0.07
		600 - 619		$63,140,473	0.13
		620 - 639		$97,379,296	0.20
		640 - 659		$168,038,017	0.35
		660 - 679		$244,986,685	0.50
		680 - 699		$357,189,582	0.74
		700 - 719		$401,429,345	0.83
		720 - 739		$414,509,358	0.85
		740 - 759		$435,812,945	0.90
		760 - 779		$466,661,750	0.96
		780 - 799		$468,627,595	0.97
		800 and above		$2,003,089,548	4.13
Total				$5,218,782,572	10.75

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
70.01 - 75.00		Score Unavailable		$1,857,393	0.00
		499 and below		$7,780,073	0.02
		500 - 539		$10,822,580	0.02
		540 - 559		$9,077,568	0.02
		560 - 579		$13,207,207	0.03
		580 - 599		$27,881,410	0.06
		600 - 619		$43,191,761	0.09
		620 - 639		$75,072,748	0.15
		640 - 659		$126,459,223	0.26
		660 - 679		$193,421,968	0.40
		680 - 699		$262,246,747	0.54
		700 - 719		$311,681,681	0.64
		720 - 739		$341,540,961	0.70
		740 - 759		$329,819,097	0.68
		760 - 779		$333,742,162	0.69
		780 - 799		$331,293,530	0.68
		800 and above		$1,270,472,447	2.62
Total				$3,689,568,554	7.60

Indexed LTV (%)		Credit Bureau Score		Principal Balance	Percentage
75.01 - 80.00		Score Unavailable		$946,896	0.00
		499 and below		$2,195,802	0.00
		500 - 539		$7,706,559	0.02
		540 - 559		$4,727,806	0.01
		560 - 579		$7,633,662	0.02
		580 - 599		$15,482,273	0.03
		600 - 619		$24,390,051	0.05
		620 - 639		$40,477,685	0.08
		640 - 659		$68,955,005	0.14
		660 - 679		$98,555,691	0.20
		680 - 699		$143,935,028	0.30
		700 - 719		$181,643,307	0.37
		720 - 739		$201,449,336	0.41
		740 - 759		$198,471,028	0.41
		760 - 779		$187,224,635	0.39
		780 - 799		$177,403,099	0.37
		800 and above		$720,144,258	1.48
Total				$2,081,342,122	4.29

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 19 of 21

	RBC Covered Bond Programme Monthly Investor Report
	Calculation Date:	4/29/2016


Cover Pool Indexed LTV - Drawn by Credit Bureau Score (continued)

Indexed LTV (%)	Credit Bureau Score		Principal Balance	Percentage
	Score Unavailable		$0	0.00
> 80.00	499 and below		$991,527	0.00
	500 - 539		$1,675,170	0.00
	540 - 559		$1,839,479	0.00
	560 - 579		$3,778,696	0.01
	580 - 599		$7,450,806	0.02
	600 - 619		$8,598,904	0.02
	620 - 639		$23,233,164	0.05
	640 - 659		$30,310,060	0.06
	660 - 679		$55,736,941	0.11
	680 - 699		$74,193,082	0.15
	700 - 719		$85,653,007	0.18
	720 - 739		$74,741,259	0.15
	740 - 759		$84,102,043	0.17
	760 - 779		$65,644,528	0.14
	780 - 799		$62,337,765	0.13
	800 and above		$183,467,316	0.38
Total			$763,753,746	1.57

Grand Total			$48,546,309,990	100.00

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 20 of 21

	RBC Covered Bond Programme Monthly Investor Report Appendix Housing Price Index Methodology
Indexation Methodology
The Market Value of the Properties used in calculating the Asset Coverage Test, the Valuation Calculation and the Amortization Test (except in respect of Calculation Dates prior to June 30, 2014) and for other purposes required by the Guide is adjusted, at least quarterly, for subsequent price developments with respect to the Property subject to the Related Security in respect of each such Loan by adjusting the Latest Valuation for such Property by a rate of change determined by the Index (as described below).

The Teranet-National Bank House Price Index™ Composite 11 (the Index) is an independently developed representation of monthly average home price changes in the following eleven Canadian metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec and Halifax. These metropolitan areas are combined to form the Index. The Index is the weighted average of these eleven metropolitan areas.
Further details on the Index including a description of the method used to calculate the Index is available at www.housepriceindex.ca.

A three-step process is used to determine the Market Value for each Property subject to the Related Security in respect of a Loan. First, a code (the Forward Sortation Area (FSA)) which identifies the location of the Property is compared to corresponding codes maintained by Teranet Inc. to confirm whether the property is located within any of the 11 Canadian metropolitan areas covered by the Index. Second, to the extent an FSA match is not found, the name of the city in which such Property is located is used to confirm whether such city matches any of the Canadian metropolitan areas covered by the Index. The Market Value is then determined by adjusting the Latest Valuation for such Property, at least quarterly, by the rate of change for the corresponding Canadian metropolitan area, and where there is no corresponding Canadian metropolitan area, the rate of change indicated in the Index, from the date of the Latest Valuation to the date on which the Latest Valuation is being adjusted for purposes of determining the Market Value for such Property. Where the Latest Valuation in respect of such Property pre-dates the first available date for the relevant rate of change in the Index, the first available date for such rate of change is used to determine the rate of change to apply to adjust the Latest Valuation for purposes of determining the Market Value for such Property. Such adjusted Market Value is the adjusted Original Market Value referred to in footnote 2 on page 4 of the Investor Report.

The Issuer and the Guarantor LP may from time to time determine to use a different index or indices or a different indexation methodology to adjust the Latest Valuation for subsequent price developments to determine Market Value for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe will produce better or more reliable results or that is more cost effective. Any such change in the Index or Index Methodology used to determine Market Value will be disclosed to Covered Bondholders and made in accordance with the definition of "Market Value" and "Index Methodology" in the Master Definition and Construction Agreement and be required to meet the requirements in the Guide, which include the requirement that any such change may only be made (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such change constitutes a material change, subject to Rating Agency Confirmation, and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to the consent of the Bond Trustee. In addition, the Issuer is required, pursuant to the Guide, to provide CMHC notice upon becoming aware of any change or proposed change in the method used to calculate the Index.

No website referred to herein forms part of the Investor Report, nor have the contents of any such website been approved by or submitted to CMHC or any other governmental, securities or other regulatory authority.

Risk Factors relating to the Indexation Methodology

The Issuer and the Guarantor LP believe that the following factors, although not exhaustive, could be material for the purpose of assessing risks associated with the use of the Index.

No recourse for errors in the data in the Index
The Issuer and the Guarantor LP have received written permission from the Index providers to use the Index. The data in the Index is provided on an "as is" basis and without any warranty as to the accuracy, completeness, non-infringement, originality, timeliness or any other characteristic of the data and the Index providers disclaim any and all liability with respect to such data. Neither the Issuer nor the Guarantor LP makes any representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information or assumes any liability for any errors or reliance placed on such information. As a result, there will not be any recourse for investors, the Issuer or the Guarantor LP for any errors in the data in the Index relied upon to determine the Market Value in respect of any Property subject to the Related Security in respect of a Loan.

The actual rate of change in the value of a Property may differ from the rate of change used to adjust the Latest Valuation for such Property in determining its Market Value

The Index does not include a representation of changes in average home prices outside of the Canadian metropolitan areas that it covers and was developed as a representation of monthly average home price changes in the Canadian metropolitan areas that it does cover. While the Index uses data from single family properties, including detached, semi-detached, townhouse/row homes and condominium properties, it is being used to determine the Market Value of all Properties included as Related Security for Loans in the Covered Bond Portfolio, which may not correspond in every case to the categories included in the Index. The actual value of a Property subject to the Related Security in respect of each Loan may change at a rate that is greater than or less than the rate of change used to determine the Market Value for such Property. This discrepancy may be magnified when the Index is used to determine the Market Value for a Property outside of the Canadian metropolitan areas covered by the Index given factors that affect housing prices may vary significantly regionally from a national average or where the Index is used to determine Market Value for a Property in a category not covered by the Index and whose value is affected by factors that are different from those that affect the value of properties in the categories used by the Index. In addition, the methodology applied to produce the Index makes certain fundamental assumptions that impose difficulties in selecting or filtering the properties that are used to produce the Index due to a lack of information about the properties, which may result in such properties being excluded and may impact the accuracy of the representation of the rate of change in the Index.

The Index may not always be available in its current form or a different Index may be used to determine Market Value for a Property subject to Related Security in respect of a Loan
The Index providers may make a change to the method used to calculate the Index, the frequency with which the Index is published may change (such that the Index no longer meets the requirements in the Guide), or the Index may cease to be available to the Issuer and the Guarantor LP for determining the the Market Value of the Property subject to Related Security in respect of a Loan. In such circumstances, the Issuer and the Guarantor LP may or will need to select one or more new indices for determining Market Value of the Property subject to Related Security in respect of a Loan. The Issuer and the Guarantor LP may also determine at any time to use a different index or indices to adjust the Latest Valuation of the Property subject to Related Security in respect of a Loan for subsequent price developments to determine the Market Value of such Property, for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe will produce better or more reliable Market Value results or that is more cost effective. The use of any such new indices to adjust Latest Valuation could result in a significant change in the Market Value of the real property subject to the Related Security in respect of each Loan. See "Housing Price Index Methodology - Indexation Methodology".

RBC Covered Bond Programme

Monthly Investor Report - April 29, 2016

Page 21 of 21

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCZDLFLQEFXBBF

Intercompany Loan Balance

Guarantee Loan

$43,224,399,735

Demand Loan

$5,286,418,467

$48,510,818,203