New Issue: RBC prices $0.214 million 27.75% reverse convertibles linked to Frontier Oil

New York, April 15 - Royal Bank of Canada priced $0.214 million of 27.75% reverse convertible notes due July 17, 2009 linked to Frontier Oil Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Frontier Oil shares fall below the protection price of $9.43, 65% of the initial price of $14.50, during the life of the notes and finish below the initial price in which case the payout will be Frontier Oil 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:	Frontier Oil Corp. (Symbol: FTO)
Amount:	$0.214 million
Maturity:	July 17, 2009
Coupon:	27.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Frontier Oil shares fall below the protection price of $9.43, 65% of the initial price, and finish below the initial price, in which case Frontier Oil shares equal to $1,000 principal amount divided by the initial price
Initial price:	$14.50
Protection price:	$9.43, 65% of $14.50
Pricing date:	April 14
Settlement date:	April 17
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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