New Issue: RBC prices $1 million 15.5% reverse convertibles linked to Kansas City Southern

New York, June 25 - Royal Bank of Canada priced $1 million of 15.5% reverse convertible notes due Dec. 31, 2008 linked to Kansas City Southern shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Kansas City Southern shares fall below the protection price of $33.01, 75% of the initial price of $44.01, during the life of the notes and finishes below the initial price in which case the payout will be Kansas City Southern 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:	Kansas City Southern (Symbol: KSU)
Amount:	$1 million
Maturity:	Dec. 31, 2008
Coupon:	15.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Kansas City Southern stock falls below the protection price of $33.01, 75% of the initial price, and finishes below the initial price, in which case Kansas City Southern shares equal to $1,000 principal amount divided by the initial price
Initial price:	$44.01
Protection price:	$33.01, 75% of $44.01
Pricing date:	June 24
Settlement date:	June 30
Agent:	RBC Capital Markets Corp.
Fees:	1.75%

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