New Issue: RBC prices $23.59 million market-linked step-up notes on the Dow

By Susanna Moon

Chicago, July 28 – Royal Bank of Canada priced $23.59 million of 0% market-linked step up notes due July 22, 2016 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value – 110.6% of the initial level – the payout at maturity will be par plus the index return.

If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 10.6%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Market-linked step up notes
Underlying index:	Dow Jones industrial average
Amount:	$22,229,810
Maturity:	July 22, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes at or above step level, par plus return; if index gains by up to step-up level, par plus step-up return of 10.6%; exposure to losses
Initial level:	17,083.80
Step level:	18,894.68, 110.6% of initial level
Pricing date:	July 24
Settlement date:	July 31
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	78011X837

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