New Issue: RBC prices $.012 million 17.75% reverse convertibles linked to Sirius Satellite Radio

New York, June 27 - Royal Bank of Canada priced $.012 million of 17.75% reverse convertible notes due Dec. 30, 2008 linked to Sirius Satellite Radio Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Sirius Satellite Radio shares fall below the protection price of $1.35, 70% of the initial price of $1.93, during the life of the notes and finish below the initial price in which case the payout will be Sirius Satellite Radio 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:	Sirius Satellite Radio Inc. (Symbol: SIRI)
Amount:	$.012 million
Maturity:	Dec. 30, 2008
Coupon:	17.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Sirius Satellite Radio shares fall below the protection price of $1.35, 70% of the initial price, and finish below the initial price, in which case Sirius Satellite Radio shares equal to $1,000 principal amount divided by the initial price
Initial price:	$1.93
Protection price:	$1.35, 70% of $1.93
Pricing date:	June 25
Settlement date:	June 30
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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