Investor Report

To view the announcement in full please see associated PDF.

                   RBC Covered Bond Programme Monthly Investor Report
Calculation Date:  1/29/2016

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/cove
red-bonds
-terms.html