New Issue: RBC prices $8,000 10.75% reverse convertibles linked to Encore Acquisition

New York, June 27 - Royal Bank of Canada priced $8,000 of 10.75% reverse convertible notes due Sept. 30, 2008 linked to Encore Acquisition Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Encore Acquisition shares fall below the protection price of $49.69, 70% of the initial price of $70.99, during the life of the notes and finish below the initial price in which case the payout will be Encore Acquisition shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Encore Acquisition Co. (Symbol: EAC)
Amount:	$8,000
Maturity:	Sept. 30, 2008
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Encore Acquisition shares fall below the protection price of $49.69, 70% of the initial price, and finish below the initial price, in which case Encore Acquisition shares equal to $1,000 principal amount divided by the initial price
Initial price:	$70.99
Protection price:	$49.69, 70% of $70.99
Pricing date:	June 25
Settlement date:	June 30
Agent:	RBC Capital Markets Corp.
Fees:	1.25%

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