Investor Report

RBC Covered Bond Programme Monthly Investor Report  Calculation
Date: 5/31/2016                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.

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