Royal Bank of Canada : 2025 Q1 (Golden Credit Card Trust) Quarterly Portfolio Stratifications

GOLDEN CREDIT CARD TRUST - CREDIT CARD PORTFOLIO As at March 31, 2025

Unless the context requires otherwise, initial capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the second amended and restated pooling and servicing agreement (the "Pooling and Servicing Agreement") dated October 30, 2009 between Royal Bank of Canada ("RBC"), as Seller and initial Servicer, and BNY Trust Company of Canada, as agent, nominee and bare trustee for and on behalf of the Seller, the Co-Owners and other Persons who from time to time are party to the Series Purchase Agreements (the "Custodian").

Account Performance

The following tables set forth the historical performance of the Accounts for each of the indicated periods. There can be no assurance, however, that the loss and delinquency yield experience for the Accounts in the future will be similar to the historical experience set forth below. The information in the tables has been provided by RBC.

Loss and Delinquency Experience

The loss and delinquency experience of the Accounts is as follows:

Loss Experience for the Accounts

(unaudited)

	Three Months Ended March 31, 2025	Year Ended December 31, 2024	Year Ended December 31, 2023	Year Ended December 31, 2022
Average Pool Balance ................	$13,558,410,887	$12,125,895,916(1)	$11,701,110,170	$9,704,632,152(2)
Net Write-offs(3).........................	$77,937,678	$289,351,491	$221,745,020	$136,592,649
Average Net Write-off Ratio(4)	2.30%	2.39%	1.89%	1.41%

1. Average Pool Balance is the average of the beginning balance for the number of Determination Periods in the period. Additional Accounts were added to the pool on November 5, 2024 (approximately $1.7 billion of receivables) and are included in the calculation of the Average Pool Balance for the beginning of December 2024.

2. Average Pool Balance is the average of the beginning balance for the number of Determination Periods in the period. Additional Accounts were added to the pool on November 18, 2022 (approximately $1.6 billion of receivables) and are included in the calculation of the Average Pool Balance for the beginning of December 2022.

3. Write-offs represent the aggregate amount of Receivables outstanding in Written-Off Accounts, net of Recoveries.

4. Average Net Write-off Ratio is the average of the monthly annualized net write-offs as a percentage of beginning Pool Balance for the number of Determination Periods in the period. The related ratios are calculated using the Pool Balance at the beginning of the Determination Period. The December 2022 period includes the account addition that closed on November 18, 2022, and the December 2024 period includes the account addition that closed on November 5, 2024.

Delinquencies as a Percentage of the Accounts(1)

(unaudited)

As at March 31, 2025

Days Delinquent (2)	Number of Accounts(3)		Percentage of Total Accounts		Receivables Outstanding		Percentage of Total Receivables
Current............................................	9,900,605		99.18%		$ 12,726,031,998		94.81%
1 day to 30 days..............................	53,256		0.53%		391,561,696		2.92%
31 days to 60 days ..........................	11,868		0.12%		111,089,744		0.83%
61 days to 90 days ..........................	7,146		0.07%		79,320,991		0.59%
91 days to 120 days ........................	4,722		0.05%		53,971,780		0.40%
121 days to 150 days ......................	2,928		0.03%		33,544,514		0.25%
151 days to 180 days ......................	1,838		0.02%		26,823,483		0.20%
Totals..............................................	9,982,363		100.00%		$13,422,344,206		100.00%

As at December 31, 2024

Days Delinquent (2)	Number of Accounts(3)		Percentage of Total Accounts		Receivables Outstanding		Percentage of Total Receivables
Current............................................	9,799,024		98.81%		$13,371,520,471		94.34%
1 day to 30 days..............................	86,535		0.87%		498,775,705		3.52%
31 days to 60 days ..........................	14,953		0.15%		119,586,645		0.84%
61 days to 90 days ..........................	7,895		0.08%		79,771,717		0.56%
91 days to 120 days ........................	4,449		0.04%		51,118,484		0.36%
121 days to 150 days ......................	2,699		0.03%		30,493,336		0.22%
151 days to 180 days ......................	1,780		0.02%		23,123,670		0.16%
Totals..............................................	9,917,335		100.00%		$14,174,390,028		100.00%

As at December 31, 2023

Days Delinquent (2)	Number of Accounts(3)		Percentage of Total Accounts		Receivables Outstanding		Percentage of Total Receivables
Current............................................	8,836,999		99.02%		$11,661,522,614		94.71%
1 day to 30 days..............................	59,580		0.67%		401,430,894		3.26%
31 days to 60 days ..........................	12,911		0.14%		97,563,658		0.79%
61 days to 90 days ..........................	6,664		0.07%		64,815,264		0.53%
91 days to 120 days ........................	4,116		0.05%		42,386,310		0.34%
121 days to 150 days ......................	2,371		0.03%		24,082,932		0.20%
151 days to 180 days ......................	1,527		0.02%		21,284,033		0.17%
Totals..............................................	8,924,168		100.00%		$12,313,085,704		100.00%

As at December 31, 2022

Days Delinquent (2)	Number of Accounts(3)		Percentage of Total Accounts		Receivables Outstanding		Percentage of Total
							Receivables
Current............................................	8,559,293		98.97%		$11,153,239,257		95.16%
1 day to 30 days..............................	60,988		0.71%		361,686,866		3.09%
31 days to 60 days ..........................	14,497		0.17%		86,037,152		0.73%
61 days to 90 days ..........................	6,506		0.08%		52,903,162		0.45%
91 days to 120 days ........................	3,922		0.05%		34,758,962		0.30%
121 days to 150 days ......................	2,091		0.02%		17,391,036		0.15%
151 days to 180 days ......................	1,112		0.01%		14,369,225		0.12%
Totals..............................................	8,648,409		100.00%		$11,720,385,660		100.00%

1. 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.

2. Delinquency status as of statement date.

3. The number of Accounts includes replacement cards issued as a result of loss, theft or fraudulent activities and cards issued as a result of product transfers but excludes cards that have been written-off.

Revenue Experience

The revenue experience in the following table is presented before deduction for write-offs. Revenues from Finance Charge Receivables on both a billed and a cash basis will be affected by numerous factors, including the periodic finance charge on the Account Assets, the amount of any annual or membership fees, other fees paid by cardholders, and the percentage of cardholders who pay off their balances in full each month and do not incur periodic finance charges on purchases.

Revenue Experience for the Accounts

(unaudited)

Three Months Ended March 31, 2025

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Revenue............................
Interest Earned ..............	$496,133,437	$1,700,455,557	$1,542,224,018	$1,189,283,122
Fees ...............................	$364,470,502	$1,480,928,867	$1,485,202,837	$1,298,372,406
Average Pool Balance ......	$13,558,410,887	$12,125,895,916(1)	$11,701,110,170	$9,704,632,152(2)
Average Revenue Yield(3)	25.40%	26.22%	25.87%	25.64%

1. Average Pool Balance is the average of the beginning balance for the number of Determination Periods in the period. Additional Accounts were added to the pool on November 5, 2024 (approximately $1.7 billion of receivables) and are included in the calculation of the Average Pool Balance for the beginning of December 2024

2. Average Pool Balance is the average of the beginning balance for the number of Determination Periods in the period. Additional Accounts were added to the pool on November 18, 2022 (approximately $1.6 billion of receivables) and are included in the calculation of the Average Pool Balance for the beginning of December 2022.

3. Average Revenue Yield is the average of the monthly annualized Revenue as a Percentage of Beginning Pool Balance for the number of Determination Periods in the period. The related ratios are calculated using the Pool Balance at the beginning of the Determination Period. The December 2022 period includes the account addition that closed on November 18, 2022, and the December 2024 period includes the account addition that closed on November 5, 2024.

The revenues for the Accounts shown in the table above are attributable to (a) periodic finance charges and annual and other fees billed to cardholders, and (b) applicable Interchange Fees and any other fees or amounts which are designated by the Seller by notice to the Custodian from time to time. The revenues related to periodic finance charges and fees (other than annual and membership fees) depend in part upon the collective preference of cardholders to use their credit cards to finance purchases and/or receive cash advances over time rather than for convenience use (where the cardholders pay off their entire balance each month, thereby avoiding periodic finance charges). Revenues also depend in part on the cardholders' use of other services offered by RBC for a fee. Accordingly, revenues will be affected by future changes in the types of charges and fees assessed on the Accounts, the respective percentages of the Receivables balances of the various types of Accounts, and the types of Accounts under which the Receivables arise.

"Collections" means all payments (including Recoveries and insurance proceeds) received by the Servicer from or on behalf of any Obligors in respect of Receivables and from the Seller in respect of Interchange Fees, and, in respect of any period of days, means all such amounts received by the Servicer during such period and, in respect of any Business Day, means all such amounts received by the Servicer before the close of business on such day and after the close of business on the immediately preceding Business Day.

"Finance Charge Receivables" means, with respect to an Account, (A) any Receivable billed to a cardholder under the related Credit Card Agreement in respect of: (i) periodic credit or other finance charges;

(ii) membership fees, if any; (iii) cash advance fees; (iv) service and transaction fees; and (v) administrative fees and late charges; and (B) (a) applicable Interchange Fees; and (b) any other fees or amounts with respect to the Account other than Principal Receivables which are designated by the Seller by notice to the Custodian from time to time to be included as Finance Charge Receivables.

Interchange

The Seller receives Interchange Fees from financial institutions for clearing transactions arising under the Accounts and as compensation for assuming credit risk and funding receivables for a limited period of time prior to initial billing. The Seller will Transfer to the Custodian on a daily basis the Interchange Fees, representing the aggregate amount of fees paid or payable to the Seller on such day in respect of all Visa Accounts, Mastercard Accounts and other Specified Account Designation Accounts from other financial institutions that clear such credit card transactions for merchants after netting or set-off occurs. The Seller may, from time to time, in its sole discretion, voluntarily increase or decrease the rate used to calculate amounts receivable or payable in respect of Interchange Fees. The Account Assets include the then applicable Interchange Fees.

"Interchange Fees" means, in respect of a day, the aggregate of Mastercard Interchange Fees, Visa Interchange Fees and Other Interchange Fees in respect of such day, in each case as the basis for calculating the same may be adjusted from time to time in accordance with the Pooling and Servicing Agreement.

"Mastercard Interchange Fees" means, in respect of a day, the aggregate amount of fees paid or payable to the Seller on such day in respect of all Mastercard Accounts from other financial institutions that clear Mastercard transactions for merchants after any netting or set-off occurs; as the basis for calculating the same may be adjusted from time to time in accordance with the Pooling and Servicing Agreement.

"Visa Interchange Fees" means, in respect of a day, the aggregate amount of fees paid or payable to the Seller on such day in respect of all Visa Accounts from other financial institutions that clear Visa transactions for merchants after any netting or set-off occurs; as the basis for calculating the same may be adjusted from time to time in accordance with the Pooling and Servicing Agreement.

"Other Interchange Fees" means, in respect of a day, the aggregate amount of fees paid or payable to the Seller on such day in respect of all other Specified Account Designation Accounts (other than Visa and Mastercard) from other financial institutions that clear such credit card transactions for merchants after any netting or set-off occurs; as the basis for calculating the same may be adjusted from time to time in accordance with the Pooling and Servicing Agreement.

"Specified Account Designation" shall mean each of (i) Visa, (ii) Mastercard, and (iii) one or more other designations relating to credit card accounts specified by the Seller in writing for which the Rating Agency Condition is satisfied in respect of each such other designation's inclusion as a Specified Account Designation, or, in the case of S&P where it is a Rating Agency with respect to a series of Ownership Interest, a class of Ownership Interest or Related Securities, the Seller has provided at least 10 days prior written notice to S&P of such other designation's inclusion as a Specified Account Designation.

Cardholder Monthly Payment Rates for the Accounts

The following table sets forth the highest and lowest cardholder monthly payment rates for all months during the periods shown, in each case, calculated as a percentage of the account balances at the beginning of each month during the period. Monthly payment rates on the Account Assets may vary due to, among other things, the availability of other sources of credit, general economic conditions, consumer spending and borrowing patterns and the terms of the Accounts (which are subject to change by RBC) and marketing programs of RBC.

Cardholder Monthly Payment Rates for the Accounts

(% of Pool Balance)(1)(2)(unaudited)

Three Months Ended March 31, 2025

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Lowest Month	51.49%	55.24%	56.51%	57.15%
Highest Month	59.12%	67.71%	71.36%	74.56%
Average	56.29%	61.73%	63.60%	67.85%

1. Pool Balance as at the beginning of each month during the period. Additional Accounts were added to the pool on November 18, 2022 (approximately $1.6 billion of receivables) and are included in the calculation of the Pool Balance for the beginning of December 2022. Additional Accounts were also added to the pool on November 5, 2024 (approximately 1.7 billion of receivables) and are included in the calculation of the Pool Balance for the beginning of December 2024.

2. Payment ratios are calculated as a percentage of the previous Determination Period's ending Pool Balance. The related ratios are calculated using the Pool Balance at the beginning of the Determination Period. The December 2022 period includes the account addition that closed on November 18, 2022. The December 2024 period includes the account addition that closed on November 5, 2024.

The Accounts

General

The Account Assets relate to Seller Credit Card Accounts established by RBC in each year from 1967 to and including 2017, subject to certain exclusions.

The information in the tables above entitled "Loss Experience for the Accounts", "Delinquencies as a Percentage of the Accounts", "Revenue Experience for the Accounts" and "Cardholder Monthly Payment Rates for the Accounts" relates to the historical Accounts. If the mix of Account Assets changes, the loss, revenue and delinquency experience of the Accounts may be different from that set forth in the tables referred to above.

The Principal Receivables balances of Written-Off Accounts will be subtracted from the aggregate outstanding balance of all Principal Receivables owing under the Accounts on any date for the purpose of calculating the Pool Balance. Collections, however, include any Collections in respect of such Written-Off Accounts ("Recoveries").