New Issue: RBC prices $5 million 12.05% ELKS due October 2013 linked to Cree

By Marisa Wong

Madison, Wis., March 28 - Royal Bank of Canada priced $5 million of 12.05% Equity LinKed Securities due Oct. 1, 2013 linked to the common stock of Cree, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par of $10 unless Cree stock falls by more than 35% during the life of the notes, in which case the payout will be a number of Cree shares equal to $10 divided by the initial share price or, at the issuer's option, the value of those shares in cash.

RBC Capital Markets, LLC is the agent with Morgan Stanley Smith Barney LLC handling distribution.

Issuer:	Royal Bank of Canada
Issue:	Equity LinKed Securities (ELKS)
Underlying stock:	Cree, Inc.(Symbol: CREE)
Amount:	$5 million
Maturity:	June 3, 2013
Coupon:	12.05%, payable monthly
Price:	Par of $10
Payout at maturity:	If Cree stock falls below the downside threshold price during life of notes, 0.1840 Cree shares or cash equivalent; otherwise, par
Initial share price:	$54.35
Threshold price:	$35.33, 80% of initial price
Pricing date:	March 26
Settlement date:	April 1
Agent:	RBC Capital Markets, LLC with Morgan Stanley Smith Barney LLC handling distribution
Fees:	1.5%
Cusip:	78008D331

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