New Issue: RBC prices $0.147 million 15% reverse convertibles linked to Apple

New York, March 30 - Royal Bank of Canada priced $0.147 million of 15% reverse convertible notes due June 30, 2009 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Apple shares fall below the protection price of $82.40, 75% of the initial price of $109.87, during the life of the notes and finish below the initial price in which case the payout will be Apple 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:	Apple Inc. (Symbol: AAPL)
Amount:	$0.147 million
Maturity:	June 30, 2009
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Apple shares fall below the protection price of $82.40, 75% of the initial price, and finish below the initial price, in which case Apple shares equal to $1,000 principal amount divided by the initial price
Initial price:	$109.87
Protection price:	$82.40, 75% of $109.87
Pricing date:	March 26
Settlement date:	March 31
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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