New Issue: RBC prices $0.51 million 19.25% reverse convertibles linked to JPMorgan Chase

New York, June 15 - Royal Bank of Canada priced $0.51 million of 19.25% reverse convertible notes due Sept. 18, 2009 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless JPMorgan Chase shares fall below the protection price of $26.35, 75% of the initial price of $35.13, during the life of the notes and finish below the initial price in which case the payout will be JPMorgan Chase 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:	JPMorgan Chase & Co. (Symbol: JPM)
Amount:	$0.51 million
Maturity:	Sept. 18, 2009
Coupon:	19.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless JPMorgan Chase shares fall below the protection price of $26.35, 75% of the initial price, and finish below the initial price, in which case JPMorgan Chase shares equal to $1,000 principal amount divided by the initial price
Initial price:	$35.13
Protection price:	$26.35, 75% of $35.13
Pricing date:	June 12
Settlement date:	June 18
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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