New Issue: RBC prices $0.645 million 12.25% reverse convertibles linked to Foster Wheeler

New York, June 27 - Royal Bank of Canada priced $0.645 million of 12.25% reverse convertible notes due June 30, 2009 linked to Foster Wheeler Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Foster Wheeler shares fall below the protection price of $47.30, 65% of the initial price of $72.77, during the life of the notes and finish below the initial price in which case the payout will be Foster Wheeler 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:	Foster Wheeler Ltd. (Symbol: FWLT)
Amount:	$0.645 million
Maturity:	June 30, 2009
Coupon:	12.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Foster Wheeler shares fall below the protection price of $47.30, 65% of the initial price, and finish below the initial price, in which case Foster Wheeler shares equal to $1,000 principal amount divided by the initial price
Initial price:	$72.77
Protection price:	$47.30, 65% of $72.77
Pricing date:	June 25
Settlement date:	June 30
Agent:	RBC Capital Markets Corp.
Fees:	2.5%

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